Reddit Files for IPO, Partners with Google to Boost Ad Business
Reddit filed its IPO prospectus with the SEC on Thursday to go public on the NYSE under the ticker symbol "RDDT." Reddit reported $804 million in annual sales for 2023, up 20% from 2022, but incurred a net loss of $90.8 million in 2023. Reddit is one of the most visited websites in the US but has struggled to build an ad business on the scale of Meta or Google. Reddit aims to improve its ad targeting through AI and develop new revenue streams like tools and incentives for user commerce and data licensing. It has partnerships like one with Google announced today, giving Google access to Reddit's data to train AI models.
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00:00 It's Benzinga and here's what's on the block.
00:02 Reddit filed its IPO prospectus with the SEC on Thursday to go public on the New York Stock
00:06 Exchange under the ticker symbol RDDT. Reddit reported $804 million in annual sales for 2023,
00:12 up 20% from 2022, but incurred a net loss of $90.8 million in 2023. Reddit is one of the
00:19 most visited websites in the US but has struggled to build an ad business on the scale of Meta or
00:23 Google. Reddit aims to improve its targeting through AI and develop new revenue streams
00:27 like tools and incentives for user commerce and data licensing. It has partnerships like
00:31 one with Google announced today, giving Google access to Reddit data to train AI models.
00:35 Reddit moderators can participate in the IPO through a directed share program,
00:39 which may result in more retail investor participation than typical IPOs.
00:42 For all things money, visit Benzinga.com.