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☆ Startups are ready to thrive under Trump, but some uncertainty remains in a key corner of the space
▼ + stars: | 2024-11-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . What's on deck:Markets: The Wall Streeters advising Trump's transition team on key economic appointments . But regulators launched investigations and filed lawsuits against Big Tech during Trump's first term. News briefTop headlinesAdvertisement3 things in marketsChip Somodevilla/Getty Images; Getty; Rebecca Zisser/BIWho Trump is turning to on Wall Street for advice.

Persons: —, Drew Brees, Donald Trump's, Elon, Jenny Chang, Rodriguez, Donald Trump, Elon Musk, Trump, Samantha Stokes, Riddhi Kanetkar, Helen Li, Biden, Lina Khan's, Money, Chip Somodevilla, Meta's Mark Zuckerberg, JD Vance, Khan, Zuckerberg, Amazon's Jeff Bezos, OpenAI's Sam Altman, Somodevilla, Rebecca Zisser, Cantor Fitzgerald, Howard Lutnick, Marc Rowan, Blackstone, Steve Schwarzman, Charles Schwab, Herb Sutter, Ken Griffin's, Sutter, he's, Jordan Strauss, Elon Musk's, Reddit, Lebaredian, Chelsea Jia Feng, Kamala Harris, it's, Dan DeFrancesco, Grace Lett, Hallam Bullock, Ella Hopkins, Amanda Yen, Milan Sehmbi Organizations: Business, Service, Super Bowl, Tech, Trump, Microsoft, Nvidia, Big Tech, Wall, Citadel Securities, White, BI, Google, Veterans, World Meteorological Organization Locations: States, Anthropic, Reddit's, New York City, State, Azerbaijan, New York, Chicago, London

☆ How Reddit Went Mainstream: Google Search Increase, Real Human Users
▼ + stars: | 2024-11-10 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

The search platform is prioritizing Reddit's results. Going public, for Reddit, has entailed becoming a more welcoming place for users as well as for investors, Kessler said. "If you're public and these things come out, I mean, that could start having an impact on your market cap. Just as search engine optimization operations have gotten good at gaming Google, they can likely do it on Reddit, too. It's part social media, part search engine, part just a place for real answers, or as close to real as you're going to get on the internet today.

Persons: Reddit, It's, Steve Huffman, you've, Huffman, John Herrman, Mark Lehmann, Anita Ramaswamy, it's, Marcel Hollerbach, let's, Scott Kessler, isn't, Kessler, Jessica Melton, that's, What's, corporatization, Emily Stewart Organizations: Reddit, New Yorker, Google, Twitter, New York Magazine, Citizens JMP Securities, Meta, Facebook, Third, GameStop, WSB, PayPal, Brands, Business Locations: United States, Seattle

☆ Why the election felt like the 2021 meme stock rally — but way bigger
▼ + stars: | 2024-11-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

The US election showed shades of the meme stock mania of early 2021. Ron DeSantis' Presidential Announcement with Elon MuskSimilarly, in February 2021, Cuban thanked members of Reddit's WallStreetBets forum for "changing the game" and "taking on Wall Street." Wall Street traders watched the swings in election betting markets to assess the state of the presidential race and inform their investments, Malek added. Trump Media & Technology Group, the parent company of Truth Social which counts the president-elect as its majority shareholder, unites several of these ideas. AdvertisementThere are clear parallels between the meme stock mania of early 2021 and the social-media chatter and betting-platform activity going into the election.

Persons: Elon Musk, Mark Cuban, —, Musk, Trump, Ron DeSantis, Cuban, Reddit's, dogecoin, Kamala Harris, It's, Neil Wilson, Keith, Gill, Young, Joe Rogan, Mark Malek, Siebert, Malek, Naeem Aslam, Tesla, Dan Coatsworth, AJ Bell Organizations: Service, GameStop, Florida Gov, Elon, Democratic, Trump, WSB, Wall Street, titans, Wall, Zaye, Markets, Trump Media & Technology Group, Truth, White Locations: America, Florida, Polymarket, WallStreetBets, . Washington

☆ As Americans head to the polls, social media companies are in the spotlight
▼ + stars: | 2024-11-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +15 min

Beata Zawrzel | Nurphoto | Getty ImagesWith Americans heading to the polls on Election Day, social media companies like Meta , TikTok, X and YouTube are under intense pressure to handle what's expected to be a flood of disinformation, heightened by the rise of artificial intelligence. The video amassed hundreds of thousands of views within hours after it was posted on Elon Musk's social media platform X. And TikTok failed to catch ads containing false election information despite its ban on political advertising, according to an October report from Global Witness. On Facebook and Instagram, Meta said it's adding fact-check labels to election content that's been debunked. In sharing dozens of posts a day on X, Musk regularly amplifies false election information to his more than 200 million followers.

Persons: Kamala Harris, Donald J, Beata Zawrzel, It's, Hillary Clinton, Meta, it's, aren't, Mark Zuckerberg, Celal, that's, Adam Mosseri, Mosseri, we've, National Intelligence Avril Haines, TikTok, Donald Trump, Joe Biden, Tesla, Elon Musk, Carlos Barria Carlos Barria, Reuters X, Musk, Trump, YouTube Omar Marques, Evan Spiegel, Joe Scarnici, Brendan Mcdermid Organizations: Trump, Twitter, Nurphoto, Meta, YouTube, Russian, Democratic, Infrastructure Security Agency, FBI, National Intelligence, Elon, stoke, CNBC, NBC News, Global, Washington DC, Anadolu, Getty, Reuters, USA, Associated Press, Facebook, Instagram, Election, Democracy Works, TikTok's, AP, Republican, U.S, Madison, REUTERS, Lightrocket, Google, Snap Inc, Barker, Vote.org, NBC, Poynter Institute, Traders, New York Stock Exchange Locations: Russia, Iran, China, Pennsylvania, CISA, North Carolina, Dirksen, Washington, United States, U.S, PolitiFact, New York, Santa Monica , California, New York City

☆ OpenAI CEO Sam Altman says new AI model taking a while because 'we can't ship' as quickly as hoped
▼ + stars: | 2024-10-31 | by ( Hayden Field | ) www.cnbc.com time to read: +4 min

"All of these models have gotten quite complex and we can't ship as many things in parallel as we'd like to," Altman wrote during a Reddit AMA. Regarding the next version of DALL-E, Altman wrote that the "next update will be worth the wait" but that there's no "release plan yet." The move also positions OpenAI as more of a competitor to Microsoft, which has invested close to $14 billion in OpenAI. For Altman, Reddit isn't just a communications platform. WATCH: OpenAI takes on Google with ChatGPT search

Persons: Sam Altman, Altman, OpenAI, Sora, Kevin Weil, Srinivas Narayanan, Microsoft's Bing, Narayanan, Bing, Reddit isn't Organizations: Google, CNBC, AVM Vision, ChatGPT, Microsoft Locations: San Francisco , California, OpenAI, ChatGPT

☆ Reddit shares soar 40% on profitability, rosy guidance
▼ + stars: | 2024-10-30 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange on March 21, 2024. Shares of Reddit popped more than 40% on Wednesday, one day after the social media company posted a surprise profit in its third-quarter results and offered rosy guidance. Reddit said fourth-quarter revenue will be between $385 million and $400 million, above the average analyst estimate of $357.9 million. "It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability," Reddit CEO Steve Huffman said in a press release. They said they're encouraged by Reddit's strong revenue growth, improved profitability and growing daily active unique users.

Persons: Steve Huffman, Snoo, Reddit, JP Morgan, they're, Bernstein, Jekyll, Hyde, that's, Michael Bloom, Jonathan Vanian Organizations: New York Stock Exchange, LSEG, Citi, JP

☆ Reddit's bet on AI is starting to pay off
▼ + stars: | 2024-10-30 | by ( Huileng Tan | Aditi Bharade | ) www.businessinsider.com time to read: +4 min

The company saw a 68% revenue increase and a 47% rise in daily active visitors in Q3. Reddit's third-quarter revenue soared 68% to $348.4 million from a year ago, comfortably beating analysts' expectations of $312.8 million. This positive net increase was consistent with its second-quarter results, during which the platform saw a 51% increase in daily active users globally. Elon Musk's X reported 1.6% growth in daily active users in 2024's second quarter, per the FT. The daily active users on all of Meta's platforms combined, which include Facebook, Instagram, and Threads, increased by 7%, according to its second-quarter earnings report.

Persons: —, Steve Huffman, Huffman, Reddit, AMAs, Elon Musk's, Jefferies, RDDT Organizations: Service, Analysts, Global, Elon, Facebook, New York Stock Exchange Locations: Spanish

☆ Jim Cramer says Reddit's surge is about 'raw user power,' calls it 'holy grail' for advertisers
▼ + stars: | 2024-10-30 | by ( Morgan Chittum | ) www.cnbc.com time to read: +1 min

Reddit stock skyrocketed more than 40% higher on Wednesday — a stunning market reaction Jim Cramer suggested was warranted given the company's blowout third-quarter earnings results . Cramer touted the social platform for its growth prospects around ad revenues, calling it the "holy grail" for advertisers. "Reddit is a place where advertisers need to be," Steve Huffman, CEO and co-founder of Reddit, said on Tuesday's "Mad Money." Reddit also has a massive amount of user data that it can monetize to train artificial intelligence models. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free .

Persons: Jim Cramer, Reddit, Cramer, Steve Huffman, Cramer's, Jim Cramer's Organizations: Cramer's Charitable Trust, CNBC

☆ The Trump-linked stocks set to make wild moves as election approaches
▼ + stars: | 2024-10-30 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Retail investors have increasingly focused in on Trump Media & Technology , Rumble and Phunware as stocks that can benefit if the Republican presidential nominee for president prevails. Trump Media & Technology, which owns the alternative social media platform TruthSocial, trades under a ticker — DJT — that's also the initials for the business mogul-turned-politician. On Tuesday alone, retail traders were net buyers of Trump Media to the tune of $14.4 million. Schwarz said there's no reason for Trump Media to even be publicly traded given its business fundamentals and high price-to-sales ratio. "Trump Media has no fundamental value — it's worthless," he said.

Persons: Donald Trump, That's, that's, Phunware, Kamala Harris, Christopher Schwarz, It's, Trump, There's, Irvine's Schwarz, Schwarz, there's, LSEG, hasn't, Peter Thiel, — CNBC's Robert Frank, Fred Imbert Organizations: Trump Media & Technology, Republican, Trump Media, NBC, University of California Irvine, CNBC, Vanda Research, U.S, Trump, Marriott, Mayo Clinic, PayPal Locations: United States, Atlantis

☆ Reddit just won earnings season with huge pop. What analysts see from here
▼ + stars: | 2024-10-30 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Additionally, Reddit guided for fourth-quarter revenue of between $385 million and $400 million, while analysts had estimated an average of $357.9 million. Josey wrote that Reddit's continued user growth and engagement gains have boosted the company — and should continue to do so. JPMorgan analyst Doug Anmuth raised his price target to $110 from $77, while Bank of America analyst Justin Post lifted his target price to $99 from $84. These updated objectives respectively imply that Reddit stock could rise 35% and 21% from its Tuesday close. Shmulik's $85 price target, raised from $65, is just 4% higher than the stock's Tuesday closing price.

Persons: Reddit, LSEG, Ronald Josey, Josey, Reddit's, Morgan Stanley, Doug Anmuth, Justin Post, Brian Nowak's, Bernstein, Mark Shmulik, Shmulik, Jekyll, Hyde, that's Organizations: Citi, Bank of America, JPMorgan Locations: Reddit, Tuesday's

☆ Reddit shares soar 22% on earnings beat and better-than-expected forecast
▼ + stars: | 2024-10-29 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Reddit shares jumped 22% in extended trading Tuesday, topping $100 for the first time, after the social media company reported third-quarter results that topped analyst estimates and issued an optimistic forecast for the current period. Adjusted earnings for the fourth quarter will be in the range of $110 million to $125 million, higher than the $85.2 million average estimate. Average revenue per user was $3.58 for the third quarter, which beat analyst estimates of $3.24. "It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability," Reddit CEO Steve Huffman said in a statement. The company said global logged-out users grew 70% from a year earlier to 53.1 million, while global logged-in users increased 27% to 44.1 million.

Persons: Steve Huffman, Reddit, Huffman, Cramer Organizations: New York Stock Exchange, Google, CNBC Locations: New York City

☆ Sam Altman’s Reddit stake now worth over $1 billion after post-earnings pop
▼ + stars: | 2024-10-29 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Sam Altman, CEO of OpenAI, at the Allen & Company Sun Valley Conference on July 9, 2024 in Sun Valley, Idaho. Sam Altman, the controversial CEO of OpenAI, has a stake in social media company Reddit that's worth over $1 billion as of post-market trading on Tuesday. Altman controls roughly 12.2 million shares of Reddit, a company he first invested in over a decade ago. Reddit shares soared about 20% in extended trading after the compny reported better-than-expected quarterly results and issued an optimistic forecast. Top shareholders were forbidden from selling Reddit shares for six months during the "lockup period," which expired in September.

Persons: Sam Altman, Altman, OpenAI's, Y, Reddit, Condé, Altman didn't, OpenAI, WilmerHale, — CNBC's Ari Levy, Cramer Organizations: Allen & Company Sun Valley Conference, Reddit, Condé Nast, Advance Magazine Publishers, Fidelity, OpenAI, CNBC Locations: Sun Valley , Idaho, Reddit's, Airbnb

☆ Reddit is becoming the new Google
▼ + stars: | 2024-10-27 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

AdvertisementWhile speaking at a conference this week hosted by The Wall Street Journal, a reporter said she now uses Google Search mostly to get to Reddit for information. "People are going to Google with the intention of ending up on Reddit," Huffman said at the conference. While Reddit could be seen as a potential competitor to Google Search, Google itself has prioritized Reddit in its results after recent changes to its algorithm. Google and Reddit also announced a deal in February that allows Google to train its AI models using Reddit comments. Huffman said at the conference that it still feels like Reddit is "married to Google" but that "more and more people learn that Reddit has just pretty much everything that you're looking for."

Persons: Steve Huffman, —, Huffman, Reddit, Alpha, we've, there's Organizations: Google, Service, Wall Street

☆ Reddit's CEO sees an opening against Google on search
▼ + stars: | 2024-10-27 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

Google is ranking the site higher in search results as more people look to it for answers. "People are going to Google with the intention of ending up on Reddit," Huffman said at the conference. It now presents Google search results in natural language at the top of the page. While Reddit could be seen as a potential competitor to Google Search, Google itself has prioritized Reddit in its results after recent changes to its algorithm. Google and Reddit also announced a deal in February that allows Google to train its AI models using Reddit comments.

Persons: Steve Huffman, —, Huffman, Reddit, Alpha, we've, there's Organizations: Google, Service, Wall Street

☆ Reddit Ad Targeting Gets Boost From Memorable AI Acquisition
▼ + stars: | 2024-10-24 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +1 min

Reddit acquired Memorable AI in August in a deal that valued the startup at just under $40 million, including performance-based earnouts. Memorable AI uses AI models to predict which images and videos will catch users' attention and encourage them to engage with an ad. Acevedo, a Memorable AI cofounder who had been the startup's CEO, now leads product for Reddit's new ads media intelligence team, which combines data on creative performance with the company's advertising AI models. Fosco, a fellow cofounder who had been Memorable AI's chief technology officer, leads engineering in the ads intelligence team. "The acquisition of Memorable AI, coupled with its focus on creative effectiveness, now gives Reddit the missing piece to continue improving performance for our advertisers," Fosco said.

Persons: Reddit, Acevedo, Fosco Organizations: Unilever, Mars, MIT

☆ Reddit CEO says the platform is in an 'arms race' for AI training
▼ + stars: | 2024-10-22 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

Reddit CEO Steve Huffman said the company is working to find its place in the AI "arms race." The platform has become a power player in the race to train AI models. Huffman hinted at large companies that are taking advantage of Reddit's content. AdvertisementReddit CEO Steve Huffman said the platform's content is among the world's best training data for artificial intelligence — and an increasingly valuable commodity as the company aims to find its place in the AI "arms race." "We've invested a lot in the last couple of years in locking that down, but it is an arms race."

Persons: Steve Huffman, Huffman, —, he's, Reddit, We've Organizations: Service, Tech, Google, Microsoft

Meanwhile, Jefferies began coverage of Reddit with a buy rating and a price target of $90. Champine said the Federal Reserve lowering interest rates was a driving force for the price target changes. Analyst William Kerr initiated coverage of the pet ecommerce retailer with a buy rating and $38 price target. RBLX YTD mountain RBLX in 2024 — Alex Harring 5:50 a.m.: Citi says UPS is a buy Buy the dip on UPS shares, according to Citi. Analyst Ariel Rosa initiated the delivery giant with a buy rating and a price target of $162.

Persons: Jefferies, Laura Champine, Champine, Helene, Milton, Lowe's, — Alex Harring, Piper Sandler downgrades Blackstone Piper Sandler, Crispin Love, Love, Blackstone, Morgan Stanley, Sanjit Singh, Singh, Alex Harring, TD Cowen, William Kerr, Kerr, Benjamin Soff, Soff, Ken Gawrelski, Gawrelski, Roblox, Ariel Rosa, Rosa, — Fred Imbert, John Colantuoni, Colantuoni, EBITDA Organizations: CNBC, Wednesday, Citi, UPS, Capital, Federal Reserve, Blackstone, Industry, Deutsche Bank, New York Times, Amazon Logistics, Walmart Locations: Wells, China, Tuesday's

☆ Millennials love Reddit. That combination of helpful answers and slightly cringe humor appeals to 30s and 40s.
▼ + stars: | 2024-10-09 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +3 min

Maybe Reddit is popular because it's text-based, and that's what millennials grew up with. And its helpful advice and slightly cringe humor hit just right for people in their 30s and 40s. Reddit is the social platform most saturated by millennials, according to an Emarketer report on US digital habits by generation. Of logged-in users on Reddit, 43.3% are millennials, compared to 29.6% who are Gen Z. Maybe Reddit is a safe space for millennials to be cringe and free.

Persons: millennials, eMarketer Daily, we're, Gen Z, Millennials Organizations: eMarketer, Insider Inc, Insider Intelligence, Service, BI, YouTube, Facebook, Google Locations: Emarketer

☆ What made Reddit's IPO successful? Business leaders share key strategies for launching into the public market.
▼ + stars: | 2024-09-26 | by ( Jean Paik | ) www.businessinsider.com time to read: +4 min

Leaders recommend preparing for an IPO well in advance and tailoring the process to a company's needs. Reddit recently made its successful debut on the public market, pricing its shares at the top of the expected valuation range. Business Insider's virtual event "The Road to IPO," in collaboration with Fidelity, brought together a panel to discuss the key preparations, concerns, and decision-making strategies for business leaders looking to go public. "It gave us a chance to really think to practice being a public company without actually being one." Before and after going public, Rose said, the company has valued transparency with its employees.

Persons: —, Jesse Rose, Reddit's, Goldman Sachs, Watkins, Akin Oyedele, Elizabeth Reed, Rose, Reddit, Kristen Craft, Rick Kline, Latham, Spiegelberg Organizations: Fidelity, Service, Business, Reddit, Brunswick Group, Latham, Fidelity Private, Watkins, Bay Area

☆ Reddit's new AI translation could soon allow users anywhere to understand every comment in any language
▼ + stars: | 2024-09-25 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +1 min

Reddit is launching AI-powered translation in 35 countries. Initially introduced for users in France, the tool now supports multiple countries. AdvertisementPretty soon anyone can understand any hilarious or offensive comment made on Reddit anywhere. Reddit is now letting users in 35 different countries translate posts into other languages using machine learning-powered AI. Reddit first introduced the AI-powered translation tool in May when it added a feature that allowed users to translate posts into the French language in France.

Persons: —, Reddit Organizations: Service, Business Locations: France, Brazil, Spain, Germany, Italy, Philippines, Latin America

☆ iPhones are suggesting people 'Check In' with their exes. Yikes!
▼ + stars: | 2024-09-19 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +4 min

Instead of Check Ins only being set up manually, people are getting suggestions popping up on their iPhone screens to remind them to set up a Check In — with random contacts, like exes and bosses. Some people are getting "Check In" suggestions on their iPhones. But the suggestion isn't mutual — Max told me he sometimes gets a suggestion to Check In with his upstairs neighbor. AdvertisementIt's possible to turn off "Siri Suggestions" in both Messages and Maps — which might stop this feature. But this would also mean any other helpful Siri suggestions you like would get turned off.

Persons: you've, We've, Max, Siri, we're, They're, Apple, Kylie Robison, Robison, John Organizations: Service, Business, Apple

☆ Here's what Morgan Stanley, Wells Fargo stand to gain from lower interest rates
▼ + stars: | 2024-09-18 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

The Club has stayed with Morgan Stanley on expectations that its investment banking outfit will flourish again. At Wells Fargo , the Club's other financial name, lower rates should help its burgeoning investment banking business. Wells Fargo shares year-to-date have performed better than Morgan Stanley, gaining 11%. WFC YTD mountain Wells Fargo (WFC) year-to-date performance The Corporate and Investment Banking division makes up 23% of overall revenue. To be sure, Wells Fargo management said during July's second-quarter earnings call that the bank will continue to de-risk its office portfolio.

Persons: Banks, Erica Groshen, Morgan Stanley, Morgan, Jim Cramer, Jim, Goldman Sachs, Charlie Scharf, Wells, July's, Jim Cramer's, Jerome Powell, William McChesney Martin, Chip Somodevilla Organizations: Federal Reserve, New York Fed, CNBC, Cornell University, Fed, Investment, Morgan Stanley's Institutional Securities, Morgan Stanley's, Wells, Investment Banking, CIB, Federal Reserve Bank, Getty Locations: Wells Fargo, Wells, Washington ,

☆ Reddit's increased reliance on Google traffic has Wall Street anxious to see if visitors sign up
▼ + stars: | 2024-08-14 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +10 min

Reddit calls them logged-out users and, based on some industry estimates, they only monetize at about one-third the rate of logged-in users. The number of logged-out users surpassed logged-in users in the fourth quarter, and the gap has since widened. Logged-in users increased 31% in the second quarter to 42 million, while logged-out users increased at a much more robust rate of 74% to 49.2 million. Alan Gould, managing director at Loop Capital, said Google makes up "the vast majority of the logged-out users." By 2025, Reddit's logged-in users could represent an ARPU of $17.60 compared to $5.90 for logged-out users, Black said, based on the firm's estimates.

Persons: Spencer Platt, Tom Wahlin's, Hacker, Wahlin, we're, Lily Ray, Amsive, Ray, Reddit, Alan Gould, Daniel Konstantinovic, Konstantinovic, Benjamin Black, monetization, they'll, Reddit's, Black, Jen Wong, Wong, Steve Huffman, They'll, Huffman Organizations: New York Stock Exchange, Getty, Aer, Google, U.S, Loop, Deutsche Bank, CNBC, AllGear Digital, YouTube Locations: New York City, U.S, Reddit

☆ Reddit reports better-than-expected results for second quarter as digital ad market improves
▼ + stars: | 2024-08-06 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +1 min

Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange on March 21, 2024. Here are the key numbers:Loss per share: 6 cents vs. the loss of 33 cents expected by LSEG6 cents vs. the loss of 33 cents expected by LSEG Revenue: $281 million vs. $254 million expected by LSEGSales in the second quarter rose 54% from a year earlier. The company's net loss narrowed to $10.1 million from $41.1 million in the same quarter a year earlier. The company said its average revenue per user was $3.08 in the second quarter, topping analyst estimates of $3.02. This is Reddit's second quarterly earnings report since the company went public in March on the New York Stock Exchange.

Persons: Steve Huffman, Snoo, Reddit Organizations: New York Stock Exchange, LSEG Revenue, LSEG, Apple, Nvidia

☆ Reddit's CEO says Microsoft, Anthropic, and Perplexity scraping content is 'a real pain in the ass'
▼ + stars: | 2024-08-01 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Reddit's CEO slammed Microsoft, Anthropic, and Perplexity for using the social platform's data for free. The three companies previously landed in trouble for training their AI models on data without permission. Paying for data could cost AI companies "hundreds of billions of dollars," Andreessen Horowitz said last year. Steve Huffman, the CEO of Reddit, has called out Microsoft, Anthropic, and Perplexity for using Reddit's data to train their AI models without paying. "We've had Microsoft, Anthropic, and Perplexity act as though all of the content on the internet is free for them to use," Huffman told The Verge, saying that blocking these companies has been "a real pain in the ass."

Persons: Andreessen Horowitz, —, Reddit, Steve Huffman, We've, Huffman Organizations: Microsoft, Service, Business

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