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Lol, finance (and thus financial reporting) is so braindead.
I'll summarize the whole article: Why did RDDT crash? "Because the stock price went down. Some people sold the stock, so more people sold it, now the price is lower"
Thanks Yahoo finance, this is the journalism we rely on you for...
This is what people mean when they say they have an economics degree.
People selling the stock does not cause the stock value to lower. For every sale there is a purchase. What causes the stock to lower is people willing to sell for cheaper.
Everything of value on Reddit was posted by people who have left
A lot of those people left for here
It’s still good for niches. I am in a couple subs about health conditions, and there are no comparable communities on Lemmy. I haven’t observed the composition or activity level of the groups change at all over the past couple of years.
The content is so repetitive, likely because they drive engagement by reposting content with bot accounts. I still get a major amount of news from there, I can tell it's value is slowly fading
Wow, reddit is actually up 164% since IPO. Did not expect that at all
If the GME/AMC story taught me anything, the price of a stock doesn't necessarily reflect the value of the company. It's just what people are willing to buy/sell the stock for.
I'm a bit surprised it's not higher.
Everything they've done is to increase their ~~profits~~ revenue. While some people may have left as a protest, the vast majority of people don't really care - see: twitter, facebook, instagram, tiktok. If anything, the "bad news" about people leaving was great advertising for them.
What I've observed over the past ten+ years, and still don't understand, is how anyone enjoys the platform at all. At one level, I get that it's just another social media platform that promotes headlines and memes. But the voting system and the engagement is revolting. I'm not going to say it's 80% bots but I will say that 80% of people using social media might be dumber than the bots.
I deleted my account in 2023. I have to admit that there are few if any reasonable alternatives for some of the subs existing there. The Fediverse really doesn't satisfy the need for people to get semi-expert opinions on things, for example.
Last I heard though they still weren't profitable, but that was awhile ago. Has that changed?
They have gone done in quality an incredible amount just to get profitable, I can't see them increasing in profit consistently....
Right. I had to edit my initial comment to replace 'profit' with 'revenue'. Profit is down for the year (increased losses) but revenue is up. It seems to me (not an expert) that they're investing more in their platform while it becomes even more popular. Their stock may very well skyrocket in the near future.
From the article:
Last year, Reddit, Inc. (NYSE:RDDT) saw net losses expand by 433 percent to $484.27 million from the $90.82 million registered in 2023, despite revenues growing by 62 percent to $1.3 billion from $804 million.
However, it recorded a 283.7-percent jump in its net income for the fourth quarter last year at $71 million versus $18.5 million in the same period a year earlier. Revenues for the quarter also surged by 71 percent to $427.7 million versus $249.8 million.
And a quick search shows "Reddit’s daily active user count has grown by 47.27% since Q3 2023." And they've doubled their daily users in four years.
https://backlinko.com/reddit-users
And this should say a lot about a lot of thing today...
When it comes to daily Reddit app usage, only 7% of Reddit users opened the app every day in Q4 2023. To put in perspective, other social media platforms have a higher share of engaged users who open the app every day, specifically “X/Twitter (18%), Snapchat (25%), Facebook, TikTok (32%), and Instagram (43%)”.
Only 7% of users opened the app every day. That's a huge opportunity for growth. And how do they drive growth? Presumably the same way other social platforms have - quicker content consumption that increases emotional engagement.
Profit stopped mattering a while ago.
Demonstrating "growth" is the only thing that's important. A promise of possible, potential future profit is valued more highly by investors than actual profit is. The stock market was never especially rational, but all remaining rationality vanished over the last ten years.
Reddit is going to quickly be replaced by AI, leading to the question: what data will AI train on after that?
My conspiracy theory is that the recently popular ExplainTheJoke and PeterExplainsTheJoke subreddits are being used to train the AIs to understand the context behind memes.
My husband still browses Reddit regularly and when I asked him about this he said that the r/tattoos has definitely been taken over by AI training. A lot of the posts there are photos of tattoos with generic questions like "what is this style of tattoo called" or "how long would a tattoo like this last". The only useful results I've found recently are from years ago, and even then a lot of searches lead to discussions with a ton of deleted responses.
Oooh that's a good one.
Also AI.
If they keep feeding garbage data to 'train' AI were going to end up living in a future ruled by an absolutely deranged train wreck of an intellect.
No changes for the US.
Who will train the AI?
"The AI!" Said the AI.
Because it's trash?
Somehow it's both under-moderated AND over-moderated
It used to be the "front page of the Internet". Now it's at the top of my search results, but the last page I'll actually visit...
I've actually noticed it trickling out of being the top result in my searches for tech related questions. More and more, I see results from native forums of the things I'm googling.
Good. Let it fucking burn.
Reddit crashed on Monday because Hoffman thinks he can fuck with investors like a trillionaire can. Do I need to put the clap hands in between all the words, too?
Reddit should be a penny stock