Social network firm Reddit files for initial public offering in US

By Ovunc Kutlu

ISTANBUL (AA) - US-based social network firm Reddit filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE), which is a first for a social media company since 2019.

"Our revenue for the years ended December 31, 2022 and 2023 was $666.7 million and $804.0 million, respectively, representing growth of 21%," the company said Thursday in its filing for the US' Securities and Exchange Commission.

"Our gross margin for the years ended December 31, 2022 and 2023 was 84% and 86%, respectively," it added.

The American content rating and forum social network firm said more than 76 million people on average visited Reddit every day in December 2023.

"People come to Reddit in many ways, and the core of our monetization is through advertising solutions based on user engagement. By 2027, we estimate our total addressable market globally from advertising, excluding China and Russia, to be $1.4 trillion," said the filing.

While the IPO is planned to take place in March, it is expected to be the biggest public offering by a social media firm since Pinterest in 2019.

The company, founded in 2005, plans to trade on the NYSE under the ticker symbol of "RDDT."