Reddit Files for IPO, Partners with Google to Boost Ad Business

  • 3 months ago
Reddit filed its IPO prospectus with the SEC on Thursday to go public on the NYSE under the ticker symbol "RDDT." Reddit reported $804 million in annual sales for 2023, up 20% from 2022, but incurred a net loss of $90.8 million in 2023. Reddit is one of the most visited websites in the US but has struggled to build an ad business on the scale of Meta or Google. Reddit aims to improve its ad targeting through AI and develop new revenue streams like tools and incentives for user commerce and data licensing. It has partnerships like one with Google announced today, giving Google access to Reddit's data to train AI models.