Posted 2/22/2024, 11:43:00 PM
Reddit Files for IPO, Reports Profitability While Striking $60M AI Deal with Google
- Reddit strikes $60M deal allowing Google to use Reddit posts to train AI models
- Reddit unveils plans for initial public offering (IPO) and files IPO paperwork
- Reddit reported first profit in 2 years in latest quarter - $18.5M on $249.8M revenue
- Reddit moderators previously protested monetization efforts like charging third-party apps
- Google eager for Reddit data to train models to improve conversational AI capabilities