initial public offerings (IPOs) trading on American exchanges

Thursday, February 22, 2024

Reddit files for IPO

Social-media platform Reddit — the home of AMAs, Wall Street Bets and thousands of other online communities — publicly filed its registration statement for an IPO on Thursday, detailing plans to push further into advertising, data sales and analytics, and what it called its budding user-driven economy.

The company, founded in 2005, plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.” The filing did not disclose the number of shares to be offered or their potential price.

Reddit's US IPO filing reveals $90.8 million losses, 21% revenue growth in 2023
(Reuters) -Reddit disclosed on Thursday that its net loss narrowed to $90.8 million and revenue growth was roughly 21% in 2023, as the social media company made its IPO filing public in the run-up to its highly anticipated planned U.S. stock market debut in March.

The initial public offering (IPO) filing comes almost two decades after Reddit's launch and will be a major test for the platform that still lags the commercial success of social media contemporaries such as Facebook and Twitter, now known as X.

Reddit said it had an average of 73.1 million daily active users and 267.5 million weekly active users in the three months ended Dec. 31, 2023. The company said over 100,000 active communities used its platform, which had 1 billion cumulative posts.

In the IPO filing, Reddit reported a narrower net loss of $90.8 million for the year ended Dec. 31 and logged revenue growth of $804 million, up from $666.7 million a year earlier.

Reuters reported on Wednesday, citing sources, that San Francisco-based Reddit has struck a deal with Alphabet's Google to make its content available to train the search engine giant's artificial intelligence models. The contract is worth about $60 million each year, according to one of the sources.

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