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☆ 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

☆ Reddit is a place advertisers need to be, says CEO Steve Huffman
▼ + stars: | 2024-10-29 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Reddit is a place advertisers need to be, says CEO Steve HuffmanReddit co-founder and CEO Steve Huffman joins 'Mad Money' host Jim Cramer to talk quarterly results, user trends, advertising and more.

Persons: Steve Huffman Reddit, Steve Huffman, Jim Cramer

☆ 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 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

☆ 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

☆ Rapid user growth impacting revenue per user, says Reddit CEO Steve Huffman
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRapid user growth impacting revenue per user, says Reddit CEO Steve HuffmanSteve Huffman, Reddit co-founder and CEO, joins 'Closing Bell Overtime' and CNBC's Julia Boorstin to talk quarterly results, user growth, advertising and more.

Persons: Steve Huffman Steve Huffman, Reddit, Julia Boorstin

☆ 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

☆ It's never been easier to start a company, says Reddit cofounder Alexis Ohanian. Here are his top 4 tips.
▼ + stars: | 2024-06-07 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

Ohanian is a cofounder at Angel City, a board member of Apecoin, and has made more than 220 investments, according to PitchBook data. AdvertisementIn a 2023 episode of MasterClass, Ohanian explained what it's like to be on the other side of the investment table and shared his top tips for startup founders. "That's not just doing the work — that's doing the right work." Ohanian suggested that early founders focus on shipping something, even if it's basic, and sharing that widely on social media. Ohanian recommended founders look outside their network when hiring and aggressively reach out to talent on platforms like X.

Persons: —, Alexis Ohanian, Steve Huffman, Condé Nast, Ohanian, It's, That's, that's, it's Organizations: Service, Business, Angel City

He attended the University of Virginia, where he met his Reddit cofounderAlexis Ohanian in 2014. Vince Talotta/Toronto Star via Getty ImagesWhile at university, Ohanian met Steve Huffman, who would be his Reddit cofounder. But when I arrived at my dorm at the University of Virginia, Steve was playing Gran Turismo 2, and I was like, 'Hey, what's up?' We lived together all four years of college, then almost five years after," Ohanian told Inc in 2012. "You guys need to build the front page of the internet," Graham told them, according to Inc.

Persons: Alexis Ohanian, Vince Talotta, Ohanian, Steve Huffman, Steve, Huffman, Paul Graham, Graham Organizations: University of Virginia, Toronto Star, Getty, Gran Turismo, Inc

☆ Reddit stock jumps 14% after it inks data training deal with OpenAI
▼ + stars: | 2024-05-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The agreement will allow OpenAI to train its large language model using content on Reddit. AdvertisementReddit stock surged 14% on Friday after it inked a content deal with OpenAI. The deal will allow OpenAI to train its large language model using content from Reddit. Prior to the deal, Reddit and OpenAI had a connection in that OpenAI CEO Sam Altman was a former board member of Reddit. Including it in ChatGPT upholds our belief in a connected internet, helps people find more of what they're looking for, and helps new audiences find community on Reddit," Reddit co-founder and CEO Steve Huffman said.

Persons: OpenAI, —, Axel Springer, Sam Altman, Reddit, Altman, Steve Huffman Organizations: OpenAI, Service, Google, Business Locations: Reddit

☆ Reddit soars after announcing OpenAI deal that allows use of its data for training AI models
▼ + stars: | 2024-05-16 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

As part of the deal, OpenAI will gain access to Reddit's Data application programming interface, or API, "which provides real-time, structured, and unique content from Reddit," according to a release. In exchange, Reddit will begin offering certain AI features to users and moderators, powered by OpenAI, which will also become a Reddit advertising partner. OpenAI Chief Operating Officer Brad Lightcap spearheaded the deal, which was approved by the company's board, the release said. The update brings GPT-4 to everyone, including OpenAI's free users, Chief Technology Officer Mira Murati said Monday in a livestreamed event. Reddit, which went public in March and reached a record close a few days after its initial public offering, is back to trading near its high of $65.11.

Persons: Reddit, OpenAI, Steve Huffman, Sam Altman, Brad Lightcap, Mira Murati, Murati Organizations: New York Stock Exchange, Google, Reddit, GameStop Locations: New York City, Reddit

☆ Reddit shares soar 14% after company reports revenue pop in debut earnings report
▼ + stars: | 2024-05-07 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Reddit shares rallied 14% in extended trading on Tuesday after the company released quarterly results for the first time since its IPO in March. That may not compare with the $8.71 loss expected by LSEG$8.19 loss per share. That may not compare with the $8.71 loss expected by LSEG Revenue: $243 million vs. $212.8 million expected by LSEGRevenue climbed 48% from $163.7 million a year earlier. For the second quarter, Reddit expects revenue of $240 million to $255 million, topping the $224 million expected by analysts, according to LSEG. The company reported 82.7 million daily active users for its first quarter, up from the 76.6 million expected by StreetAccount.

Persons: Steve Huffman, Snoo, Reddit, Here's, Meta, Alexis Ohanian, Huffman Organizations: New York Stock Exchange, LSEG, LSEG Revenue, Digital, Amazon, Google, StreetAccount Locations: New York

☆ Reddit CEO joins Jim Cramer to talk its first quarterly earnings report
▼ + stars: | 2024-05-07 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReddit CEO joins Jim Cramer to talk its first quarterly earnings reportReddit Co-Founder and CEO Steve Huffman joins 'Mad Money' host Jim Cramer to talk its first quarter results after going public, user trends on the platform, what's ahead for the website and more.

Persons: Jim Cramer, Reddit, Steve Huffman

☆ Our users are finding their home on Reddit, says CEO Steve Huffman
▼ + stars: | 2024-05-07 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOur users are finding their home on Reddit, says CEO Steve HuffmanReddit Co-Founder and CEO Steve Huffman joins 'Mad Money' host Jim Cramer to talk its first quarter results after going public, user trends on the platform, what's ahead for the website and more.

Persons: Steve Huffman Reddit, Steve Huffman, Jim Cramer

☆ Reddit shares soar after company reports strong first-ever earnings with record user traffic
▼ + stars: | 2024-05-07 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Reddit beat expectations for its first financial quarter as a publicly traded company. Strong revenue growth and record user traffic sent the stock price up 16% in after-hours trading. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The company also boasted a record 82.7 million daily active users, up 37% from the year before. "We see this as the beginning of a new chapter as we work towards building the next generation of Reddit."

Persons: —, Reddit, Steve Huffman Organizations: Service, Business

☆ Reddit CEO talks advertising, says consumers and companies are attracted to the platform
▼ + stars: | 2024-05-07 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

"People are on Reddit talking about what they love to do or what they're going to do. And so, it makes a not only fun experience around communities, but a really natural connection with ... a company's customers." Huffman described the variety of communities on Reddit and highlighted that many revolve around a certain hobby or interest. He said one of the things people do when they discover a new hobby is to discuss what gear they're going to buy in their Reddit community. One windfall for Reddit is its ability to attract and retain users of varying ages, Huffman said.

Persons: Reddit's, Steve Huffman, CNBC's Jim Cramer, Huffman, Wall, they're Locations: Reddit

☆ It's not just you: Reddit is taking over Google
▼ + stars: | 2024-04-17 | by ( Hugh Langley | ) www.businessinsider.com time to read: +11 min

In February, Google and Reddit announced a blockbuster deal that would let Google train its AI models on Reddit content. Google said the deal, reportedly worth $60 million, would "facilitate more content-forward displays of Reddit information," leading to some speculation that Google promised Reddit better visibility in exchange for the valuable training data. Per Sistrix data, Reddit is now as visible in top Google Search results as Instagram. Google CEO Sundar Pichai on stage at Google IO 2023 JOSH EDELSON/GETTYGoogle's Reddit deal and its endorsement of Reddit content in Search show how much it sees Reddit as a crucial part of the future of search. AdvertisementYouTube already has heaps of videos offering advice on hijacking Reddit to rise to the top of Google Search.

Persons: —, Semrush, Reddit, It's, Steve Paine, Paine, we've, Danny Sullivan, Prabhakar Raghavan, Sundar Pichai, JOSH EDELSON, Aleyda Solis, Orainti, Glen Allsopp, Solis, Lily Ray, Ray, Perplexity, Steve Huffman Greg Doherty, Sistrix's Paine, Natalie Slater Organizations: Service, Google, Business, Sistrix, YouTube, Amazon, LinkedIn, Getty Locations: SEOs, Reddit, TikTok

☆ Robo-lawyer startup DoNotPay did something almost unheard of in Silicon Valley: It paid a dividend.
▼ + stars: | 2024-04-01 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

In January, the legal startup DoNotPay sent more than $1 million to employees and investors in its first-ever dividend. He got the idea from one of his own angels, Sahil Lavingia, whose startup Gumroad issued a dividend last year. The expectation is that when a company sells or goes public, employees will cash in their shares for untold riches. Last year, the digital commerce startup Gumroad paid a dividend of $1 million across employees, investors, and thousands of crowdfunding backers. Cash rewardsBrowder said he wanted to offer a dividend to reward those employees and investors who bet on the startup early.

Persons: Joshua Browder, Browder, DoNotPay, it's, Sahil Lavingia, Josh Seidenfeld, Cooley, Steve Huffman, Spencer Platt, Seidenfeld, Lavingia, Andreessen Horowitz, Greylock, Dylan Field, Scott Belsky, Daniel Dines, Balaji Srinivasan, Cash, there's Organizations: Business, Big Law, Employees, Founders Fund, Adobe Locations: San Francisco

☆ Reddit shares plunge almost 25% in two days, finish the week below first day close
▼ + stars: | 2024-03-28 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Reddit shares are plummeting after experiencing a rally stemming from the social media company's IPO last week. Shares closed at $49.32, ending the week below their closing price on Reddit's first day of trading on the New York Stock Exchange. Reddit shares began their downward spiral on Wednesday, when they sank about 11% to $57.75 at market close. Meanwhile, Reddit Chief Operating Officer Jennifer Wong disclosed that she sold 514,000 shares and now holds 1.4 million of the company's shares. The company's shares then rose 8.8% on Tuesday to close at $65.11, even after New Street Research issued a neutral rating on the company.

Persons: Reddit, Steve Huffman, Ben Silverman, Verity, Jennifer Wong, Silverman, It's Organizations: New York Stock Exchange, Stock, Bloomberg News, CNBC, New, Research, New Street Research Locations: New York City

☆ Reddit shares slump after CEO Steve Huffman sells 500,000 shares
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReddit shares slump after CEO Steve Huffman sells 500,000 sharesHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Steve Huffman, Brian Sullivan, “ Organizations: CNBC

☆ Reddit investors shrug off hold rating, bid up stock another 15% as post-IPO rally continues
▼ + stars: | 2024-03-26 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit's post-IPO rally continues, despite the company receiving a hold rating from a prominent analyst. Investors continue to rally behind Reddit despite New Street Research issuing a neutral rating on the company "after the stock goes to the moon," analysts wrote in a note that was published Tuesday. Investors expect such a deal "to be added soon," considering OpenAI CEO Sam Altman maintains a 9% stake in Reddit. It also recently entered into an expanded partnership with Google, allowing the search giant to access more Reddit data to train its AI models. Meanwhile, some Reddit users took to the company's various finance-related subreddits on Tuesday to discuss the company's rising shares since its IPO.

Persons: Steve Huffman, Sam Altman, Altman, Condé Nast, Reddit, Reddit's, I've, I'd, Dash Organizations: New York Stock Exchange, New, Research, Investors, Advance Magazine Publishers, Google, Federal Trade Commission, FTC, GameStop, Nasdaq, Trump Media & Technology Group Locations: New York City, Reddit's, Reddit, pontificating

☆ Reddit shares rise 30% to start week after social media company's IPO
▼ + stars: | 2024-03-25 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange (NYSE) in New York on March 21, 2024. Reddit shares were up 30% to $59.80 at the market's close on Monday. The social media company's stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company brought in about $519 million. Reddit shares soared 48% when it began trading on the New York Stock Exchange under the stock ticker "RDDT," resulting in a number of moderators and users, known as Redditors, earning millions of dollars as a group. Reddit's IPO came the same week that Astera Labs shares skyrocketed 72% on the day that the data center hardware company made its public market debut on the Nasdaq.

Persons: Steve Huffman, Snoo, Sam Altman, Reddit, Lo Toney, Toney Organizations: New York Stock Exchange, Reddit's, Astera Labs, Nasdaq, Capital, CNBC Locations: New York

☆ Reddit pops 48% in NYSE debut after selling shares at top of range
▼ + stars: | 2024-03-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit shares jumped 48% in their debut on Thursday in the first initial public offering for a major social media company since Pinterest hit the market in 2019. Reddit and selling shareholders raised about $750 million from the offering, with the company collecting about $519 million. This year, Reddit said it plans to recognize roughly $66.4 million in revenue as part of its data licensing deals. Google has also entered into an expanded partnership with Reddit, allowing the search giant to obtain more access to Reddit data to train AI models and improve its products. "I hope they believe in Reddit and support Reddit," Huffman told CNBC in an interview on Thursday.

Persons: Steve Huffman, Lynn Martin, Reddit, Pinterest, Klaviyo, Pinterest's, it's, Alexis Ohanian, Huffman, Redditors, Sam Altman, Condé Nast, Altman's, Altman Organizations: New York Stock Exchange, Astera Labs, Nasdaq, Meta, Google, Reddit, Federal Trade Commission, FTC, Companies, CNBC, GameStop, Tencent, Advance Magazine Publishers Locations: New York, It's, Reddit

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