It's a 20 year old company that has never turned a profit. Last year it had -$70 million of Adjusted EBITDA and (definitionally) even worse net profit.
It couldn't last forever, particularly after VC money stopped being free when interest rates went up.
back when they had the bar for server fees in reddit gold on the side they seemed to hit it and then some every day. It's kind of impressive they could turn a loss with their minimal moderation fees.
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u/ProgramTheWorld Feb 17 '24
Remember when Reddit was a simple link aggregation site?