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Reddit goes public with $90mln losses, 21% growth

STORY: Reddit made public its IPO filing on Thursday (February 22) ahead of its much anticipated stock market debut in March.

It reported net losses narrowing to $90.8 million, as revenue grew by roughly 21% in 2023.

The IPO will be a major test for two-decades old Reddit, which lacks the commercial success of social media contemporaries like Facebook.

However, Reddit has succeeded in building a loyal base among its message boards.

It has over 100,000 active communities, 1 billion posts and, in the fourth quarter of 2023, an average of 267.5 million weekly users.

Reddit said its revenue growth in the year to December 2023 was $804 million, up from over $666 million a year earlier.

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Reuters reported on Wednesday (February 21) that the company has struck a deal with Google to make its content available to train the search engine giant's artificial intelligence models.

According to sources, the contract’s worth about $60 million each year.

Reddit was valued at $10 billion in a funding round in 2021.

Its IPO valuation is uncertain as yet, but the company is expected to seek a sale of nearly 10% of its shares.