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Reddit's US IPO filing reveals $90.8 million losses, 21% revenue growth in 2023

Economic Times

Economic Times · 1y ago

Reddit's US IPO filing reveals $90.8 million losses, 21% revenue growth in 2023

Reddit has revealed that its net loss for 2023 narrowed to $90.8 million, with revenue growth of around 21%. The financial disclosure coincided with the public release of the company's initial public offering (IPO) filing ahead of its planned debut on the US stock market in March. Reddit reported an average of 73.1 million daily active users and 267.5 million weekly active users in the last quarter of 2023, with over 100,000 active communities on its platform. The company has also entered into a deal with Google to make its content available for training the search engine's artificial intelligence models, worth about $60 million per year.

Related News

Reddit files to go public — at last

TechCrunch · 1y ago

Reddit files to go public — at last

Reddit has filed for an initial public offering (IPO), making its entrance into the public markets. The company's S-1 filing shows that it earned over $800 million in revenue in 2023, but remains unprofitable. In 2022, Reddit had a net loss of $158.6 million, improving to a loss of $90.8 million in 2023. The IPO will test Reddit's valuation, which reached $10 billion in its last funding round. In a unique move, Reddit plans to reserve shares for around 75,000 of its users. Additionally, Reddit has reached a deal with Google to use its data, providing a tailwind for future revenue growth.

A lot of Redditors hate the Reddit IPO

The Verge

The Verge · 1y ago

A lot of Redditors hate the Reddit IPO

The upcoming initial public offering (IPO) of Reddit has sparked concerns and skepticism among Redditors themselves. Many question Reddit's ability to monetize its user base and become profitable, noting the company's history of losses and lengthy risk factors section in its IPO filing. While some Redditors appreciate the offer of buying shares as a thank you for their contributions, others perceive it as a gimmick, requiring them to potentially pay for the privilege of content moderation. Additionally, concerns have also been raised about Reddit's CEO, Steve Huffman, and his decision-making. Overall, the sentiment among Redditors towards the IPO is cautious and mixed.

Reddit is going public and inviting power users to invest

The Verge

The Verge · 1y ago

Reddit is going public and inviting power users to invest

Reddit has filed its S-1 registration statement with the SEC, revealing its financials ahead of its anticipated IPO on the NYSE. The company reported $804 million in revenue in 2023, mostly from advertising, but also had a net loss of $90.8 million. Reddit plans to offer its top users, including moderators and high karma score holders, the opportunity to buy shares in the IPO. It also unveiled a data licensing and model training monetization strategy and announced an AI training data deal with Google.

Reddit sells training data to unnamed AI company ahead of IPO

Arstechnica

Arstechnica · 1y ago

Reddit sells training data to unnamed AI company ahead of IPO

Reddit has reportedly signed a $60 million per year deal with an undisclosed AI company to train its models using the platform's content. The move is seen as a boost to Reddit's anticipated initial public offering (IPO). While it is unclear if the AI company is OpenAI, the contract could serve as a model for future agreements. Reddit's decision to monetize its user-generated content follows a trend where tech firms enter licensing deals with AI companies for training data. Despite previous controversies, Reddit's revenue exceeded $800 million in 2023.

China EV maker Zeekr shares climb 35% after expanded US IPO

Livemint

Livemint · 1y ago

China EV maker Zeekr shares climb 35% after expanded US IPO

Shares of Zeekr Intelligent Technology Holding Ltd., a high-end electric car brand under Zhejiang Geely Holding Group Co., rose 35% after a successful initial public offering (IPO) in the US. Zeekr raised $441 million from the sale of 21 million American depositary shares (ADS) priced at $21 each. The IPO is the largest by a China-based company in the US since Didi Global Inc.'s IPO three years ago. Zeekr's offering reflects a rebound in the US IPO market, with approximately $17 billion raised in listings on US exchanges in 2023.

Rubrik’s IPO filing hints at thawing public markets for tech companies

TechCrunch · 1y ago

Rubrik’s IPO filing hints at thawing public markets for tech companies

Data cybersecurity company Rubrik has filed for an initial public offering (IPO) after raising over $500 million in private funding. The move follows recent IPOs from Reddit and Astera Labs, signalling a warming market for tech companies. Rubrik's cloud-based data protection platform serves enterprise customers, with over 1,700 clients with an annual contract value of $100,000 and nearly 100 customers paying over $1 million annually, according to its IPO filing. While Rubrik saw moderate growth as a software firm, its subscription revenue grew 40% from its fiscal 2023 to fiscal 2024. However, the company also reported net losses of $354 million in its most recent fiscal year.

Reddit, the self-anointed the 'front page of the internet,' set to make its stock market debut

Economic Times

Economic Times · 1y ago

Reddit, the self-anointed the 'front page of the internet,' set to make its stock market debut

Reddit's IPO has been priced at $34 a share, and trading will begin on the New York Stock Exchange. The interest surrounding Reddit's IPO stems from its large audience of approximately 76 million users who actively engage in a wide range of discussions and recommendations. However, Reddit faces challenges such as a history of losses, management turmoil, and the need to transition into a sustainable business model. With a market value of $6.4 billion, Reddit still lags behind larger social media platforms like Meta, but aims to increase revenue through advertising, licensing, and e-commerce opportunities.

Equity Shot: All about the Reddit IPO!

TechCrunch · 1y ago

Equity Shot: All about the Reddit IPO!

The article discusses the upcoming Reddit IPO and its potential impact on the market. The IPO filing has generated curiosity about the company's valuation and potential listing performance. The article mentions the anticipation surrounding the release of the S-1/A filing for further insights into Reddit's financials.

Reddit says it's made $203M so far licensing its data

TechCrunch · 1y ago

Reddit's forthcoming IPO could be influenced by its relationships with AI vendors, such as OpenAI. In its recent IPO prospectus filing, Reddit highlighted the value it places on data licensing agreements with companies training AI models on its vast content repository. These agreements are expected to generate significant revenue, with a minimum of $66.4 million in 2024. The identity of the AI vendors has not been disclosed, but it has been speculated that Google may be involved in a licensing agreement worth approximately $60 million annually. OpenAI, led by Reddit's third-largest shareholder and former board member Sam Altman, could also be a potential customer. The value of Reddit's data lies in its ability to train and improve large language models, as well as its real-time access to a wide range of topics. Content producers are increasingly turning to data licensing agreements with AI vendors as they face competition from chatbots and the potential loss of website traffic.

Servify’s income spikes around 2X to Rs 611 Cr in FY23

Entrackr

Entrackr · 1y ago

Servify’s income spikes around 2X to Rs 611 Cr in FY23

Device management startup Servify raised $65 million in a pre-IPO round, contributing to a 95% increase in scale and minimal growth in losses in the fiscal year ending March 2023. With revenue of Rs 611 crore in FY23, up from Rs 313 crore in FY22, Servify offers brand-authorized after-sales support for consumer electronics. The sale of protection plans surged 2.1 times to Rs 556 crore in FY23. India accounted for 62.5% of the revenue, while the US constituted 35%. Servify has raised $125 million to date and is valued at around $850 million.

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