Reddit saw a 37% YoY increase in daily active users to 82.7 million in Q1, while ad revenue reached $222.7M, surpassing forecasts.
Reddit reported a 37% year-over-year increase in daily active users to 82.7 million in Q1, while first quarter ad revenue reached $222.7 million, surpassing Wall Street's expectations. Reddit CEO Steve Huffman said the platform is inherently commercial and attracts both users and advertisers. The company plans to invest in machine learning and AI to improve relevance, engagement, and moderation. Reddit also reported a $20 million revenue increase from data licensing, primarily from new agreements signed in Q1.
May 08, 2024
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