Asia Tech Wire (Oct 30) -- Social media platform Reddit released its financial results for the third quarter ended September 30, 2024 on Tuesday, showing that the company has turned a profit for the first time.

The results showed that in the quarter Reddit realized a net profit of $29.9 million on revenue of $348.4 million, up 68% year-on-year.

Since its founding in 2005, Reddit had never made a profit before the third quarter.

Reddit recorded a loss of $575 million in its first quarter after going public on the Nasdaq in March, but the loss dropped to $10 million in the last quarter, and now it has finally turned profitable.

Reddit's daily user base has grown to 97.2 million in the past few months, up 47% year-over-year. And Reddit said it even surpassed 100 million daily users at some point during the quarter.

Shares of Reddit were up over 24% in pre-market trading following the release of its third-quarter earnings results.