A hit listing

1 minute read
Updated: | Originally published:

In a turbulent era for social media, Reddit is humming along: nearly 83 million active users visit the site daily for stock tips, home improvement advice, meme sharing, or just plain friendship. Reddit debuted on the New York Stock Exchange in March, becoming the first major social media company to go public since 2019. The company reported 48% year-over-year revenue growth in its quarterly earnings report in May. A 39% rise in advertising revenue compared to the previous year is also welcome news for the company, which had previously struggled to monetize the platform. But a costly IPO weighed on Reddit’s bottom line, and some of its most faithful users have protested the platform’s price changes for developers. Its continued forays into artificial intelligence—including licensing deals with OpenAI and Google to use Reddit data to train and build their AI systems—could be key in determining the platform’s future, especially if rival platform X continues to shrink.

Correction, May 30

The original version of this story misstated where Reddit filed its IPO. It was on the New York Stock Exchange, not the Nasdaq.

More Must-Reads from TIME

Contact us at