ByMonica Hunter-Hart,
Forbes Staff.
R
eddit has hit its stir After trudging through nearly two decades losing money, the platform recorded its first quarterly profit one year ago—and just posted its most lucrative financials yet. The company announced a net income of $163 million on Thursday, marking five consecutive quarters of profitability, about a year and a half after going public.
The market rewarded the company. Reddit’s stock closed at $208.95 on Friday, up 7.5% from the previous day and up 75% year over year. It was enough to bump the fortune of cofounder and CEO Steve Huffman up to $1.2 billion.
