In its recent earnings call, Reddit reported a 57% increase in weekly active users from the previous year, reaching 342.3 million. The company's revenue also rose to $281.2 million, surpassing Wall Street's estimates. Reddit's CEO, Steve Huffman, also highlighted the success of the platform's AI-powered language translation feature, which is set to expand to include German, Spanish, and Portuguese.
Key takeaways:
- Reddit plans to test AI-powered search result pages to summarize and recommend content, aiming to help users discover new communities and content.
- The company will use a combination of first-party and third-party technology to power this feature and the experiment will begin later this year.
- Reddit has previously partnered with OpenAI and Google to leverage AI technology and data for building new features.
- Reddit reported a 57% increase in weekly active users from the previous year, with revenue surpassing Wall Street estimates.