Reddit

The message board site, founded in 2005, detailed its financial performance in an IPO filing. It is the last of an early generation of social media companies to aim for a public offering. The San Francisco-based company reported that its revenue rose more than 20 percent as its losses narrowed last year. It added that it had 73 million daily users and more than 100,000 active communities. Reddit’s bankers are seeking a valuation of at least $5 billion in its IPO. Reddit said revenue in 2023 was $804 million, up about 21 percent from $666 million a year earlier. The company lost $90 million in 2023, compared with a $158 million loss the year before. Some of its largest shareholders include Advance Magazine Publishers, Tencent Cloud Europe, Vy Capital, Fidelity Management, and Sam Altman, a former Reddit board member and the chief executive of OpenAI. Reddit recently announced a licensing deal with Google, which has used Reddit data to train and build its A.I. systems.