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Wow, reddit is actually up 164% since IPO. Did not expect that at all
I'm a bit surprised it's not higher.
Everything they've done is to increase their ~~profits~~ revenue. While some people may have left as a protest, the vast majority of people don't really care - see: twitter, facebook, instagram, tiktok. If anything, the "bad news" about people leaving was great advertising for them.
What I've observed over the past ten+ years, and still don't understand, is how anyone enjoys the platform at all. At one level, I get that it's just another social media platform that promotes headlines and memes. But the voting system and the engagement is revolting. I'm not going to say it's 80% bots but I will say that 80% of people using social media might be dumber than the bots.
I deleted my account in 2023. I have to admit that there are few if any reasonable alternatives for some of the subs existing there. The Fediverse really doesn't satisfy the need for people to get semi-expert opinions on things, for example.
Last I heard though they still weren't profitable, but that was awhile ago. Has that changed?
They have gone done in quality an incredible amount just to get profitable, I can't see them increasing in profit consistently....
Right. I had to edit my initial comment to replace 'profit' with 'revenue'. Profit is down for the year (increased losses) but revenue is up. It seems to me (not an expert) that they're investing more in their platform while it becomes even more popular. Their stock may very well skyrocket in the near future.
From the article:
And a quick search shows "Reddit’s daily active user count has grown by 47.27% since Q3 2023." And they've doubled their daily users in four years.
https://backlinko.com/reddit-users
And this should say a lot about a lot of thing today...
Only 7% of users opened the app every day. That's a huge opportunity for growth. And how do they drive growth? Presumably the same way other social platforms have - quicker content consumption that increases emotional engagement.
Yeah they finally turned a profit late last year
Profit stopped mattering a while ago.
Demonstrating "growth" is the only thing that's important. A promise of possible, potential future profit is valued more highly by investors than actual profit is. The stock market was never especially rational, but all remaining rationality vanished over the last ten years.
If the GME/AMC story taught me anything, the price of a stock doesn't necessarily reflect the value of the company. It's just what people are willing to buy/sell the stock for.