Reddit reported a 64% increase to $762 million in advertising revenue for the June quarter, driven by growth in pricing and impressions.
The social media platform reported “broad strength” across the full ad funnel and industry verticals.
Overall revenue was up 61% to $US805 million\.
Daily active uniques grew 18% to 130.3 million.
“In an increasingly automated web, the value of real human perspective has never been higher. Reddit’s commercial momentum reflects that,” said Steve Huffman, founder and CEO.
“Crossing $1 million in revenue per employee and maintaining eight consecutive quarters of over 60% revenue growth shows the strength of our community model and the value we deliver to advertisers.”
In a letter to shareholders, Huffman said Reddit works differently from other platforms, and that’s important to advertisers and people.
“As the internet becomes flooded with synthetic content, people are craving real human perspective,” he said.
“We are the antidote to an automated web. AI compresses the internet into summaries. Reddit delivers the opposite: deep discussions, passionate debates, and lived experiences.
“People don’t want a summary of Reddit; they want Reddit.”
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