NEW YORK – Reddit is turning a profit for the first time in its nearly 20-year history.

The social platform generated profit of $29.9 million, or 16 cents per share, for the period ending in September and reported sales of $348.4 million, more than the $312.8 million analysts had forecast. Reddit also increased its daily users to 97.2 million, a 47% increase compared to the same period last year. a company statement.

One letter to shareholdersReddit CEO Steve Huffman said the new AI translation feature, which allows readers to convert posts between English, French, Spanish, Portuguese, Italian and German, is a key driver of user growth internationally, especially in countries like France, India and the Philippines. . Huffman wrote that Reddit plans to expand the feature to more than 30 countries by 2025.

“So far in 2024, ‘Reddit’ is the sixth most searched word on Google in the US, underscoring that people are turning to Reddit when they’re looking for answers, advice or community,” Huffman wrote. “We saw this happen in real time when the White House took to Reddit during recent hurricanes to share critical information and reach people in affected areas with timely updates.”

While advertising remains the company’s main source of revenue, Reddit’s earnings summary notes: latest data licensing agreements It’s starting to pay off financially. Both Google and OpenAI have signed deals with Reddit to train AI models on content.

Reddit, whose investors include OpenAI CEO Sam Altman, went public in March at $34 per share. The stock has since tripled, rising 34% to $110.20 in Wednesday morning trading.