Reddit Discloses Finances in IPO Filing, Will Let Influential Moderators and Users Buy Shares at Offering Price
variety.comTodd Spangler NY Digital Editor Reddit, the popular internet discussion “community of communities,” filed a registration statement Thursday for its long-awaited initial public offering.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. Reddit intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol “RDDT.” In the S-1 filing with the SEC, Reddit reported 2023 revenue of $804.0 million, up 21% year over year, and a net loss of $90.8 million in 2023, compared with a $158.6 million loss the year prior.
In December 2023, Reddit had more than 500 million visitors and in the fourth quarter had an average of 73.1 million daily active unique users worldwide.
The company had 2,013 full-time employees as of the end of 2023, up from 1,942 a year earlier. In an unusual move, Reddit is giving users who have “meaningfully contributed to Reddit community programs” — including moderators — the chance to buy shares in the company at the IPO price.
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