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Reddit has an average of 82.7 million daily users, according to the social network’s first public quarterly figures. This is more than a third more than a year earlier. The platform also earns more per user, almost $3 per quarter.
The increase in the number of daily active users mainly due to the United States; here the number of users increased by 45 percent to 41.5 million. Due to that increase, Reddit now also has more users in the US than abroad; outside the US, the platform has 41.2 million users.
What is also striking is that there are now relatively fewer logged in users active on a daily basis, compared to the number of logged out users. Last year, most daily active users were actually logged in. Last quarter, there were 39.6 million logged in daily active users and 43.1 million logged out daily active users; last year these figures were 31.1 million and 29.2 million respectively.
The number of weekly active users has also increased. Last year there were 218 million weekly active users in the first quarter, and in the last quarter there were 306.2 million. Here, however, the majority are from outside the US, with 154.9 million international weekly active users, compared to 151.3 million from the US.
The average Reddit user earns the platform $2.94 per quarter: 8 percent more than a year earlier. A user in the US, at $4.77, earns significantly more than a user outside the US, at $1.10.
Reddit had a turnover of $243 million last quarter, 48 percent more than a year earlier. The net loss was 595.1 million dollars, more than half a billion more than a year earlier. This is due to the company’s IPO, which included compensation costs and taxes. The EBITDA profit was 10 million euros. Last year, the company had an EBITDA loss of 50.2 million euros in the first quarter.
CEO and co-founder Steve Huffman says that Reddit normally has the smallest turnover of the year in the first quarter. According to Huffman, the platform’s goal is to grow revenue twice as fast as costs, “but this quarter our revenue grew five times as fast” as costs. “The most reliable way to grow Reddit is to make Reddit better, so our main focus this year is on making Reddit faster, more secure, and easier.” The platform therefore wants to invest in machine learning and AI to improve the search function, help with moderation and to better translate texts.
