Reddit goes ‘mainstream,’ posts first profitable quarter

From the creator

#yahoofinance #stockmarket t Reddit (RDDT) shares climb after the company’s third quarter results beat analyst estimates and showed the company reached profitability. Yahoo Finance Executive Editor Brian Sozzi sits down with Reddit CEO Steve Huffman to discuss the results. “The story with Reddit is pretty simple. Yes, we're very proud of the quarter we just put up, but really at the end of the day, our strategy for the last couple of years has been to make Reddit better, faster, safer, easier to use, and that drives growth. And then growth, in turn, means more reach for advertisers,” Huffman tells Yahoo Finance. The CEO says, “One of the most important things to understand about Reddit is it's a simple platform. Communities and conversations. It's a simple business model … We connect companies with their customers in an environment where they're probably talking about relevant products and decisions.” “What's unique about Reddit, beyond the consumer product, which itself I think is unique, really as the most human place on the internet, but what's unique about the business is that it's very simple with such high gross margins and our ability to grow the business with modest cost growth.” Huffman says that as a platform, Reddit has entered “an era of mainstream” by making the product easier to use. He notes, “One of our focuses next year will be search, which is a nice opportunity because it's one of the few opportunities that can both make the experience for new users better

Published 2024-10-30 · Watch on YouTube ↗
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