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In
a letter to shareholders, Reddit CEO Steve Huffman said its new
AI translation feature — which allows readers to convert posts
between English, French, Spanish, Portuguese, Italian and German
— was a primary driver of user growth, especially
internationally in countries like France, India and the
Philippines. Huffman wrote that Reddit plans to expand this
feature to over 30 countries going into 2025.
“In 2024 so far, ‘Reddit’ was the sixth most Googled word in the
U.S., underscoring that when people are looking for answers,
advice, or community, they’re turning to Reddit,” Huffman wrote.
“We saw this play out in real-time when the White House came to
Reddit to share critical information during recent hurricanes,
reaching people in the affected areas with timely updates.”
While the company's advertising remains its main source of
revenue, Reddit's earnings summary notes its recent data
licensing agreements are beginning to pay off financially. Both
Google and OpenAI have signed deals with Reddit to train their
artificial intelligence models on its content.
San Francisco-based Reddit Inc., whose investors include OpenAI
CEO Sam Altman, went public in March at $34 a share. Before
that, it booked profits in the first quarter of 2021 and fourth
quarter of 2023.
Since the initial public offering, the stock has tripled,
surging 42% to close Wednesday at $116.05.
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