Reddit's US IPO filing shows $90.8 million losses, 21% 2023 revenue growth.

In its IPO filing ahead of its highly anticipated March U.S. stock market debut, Reddit announced on Thursday that its net loss decreased to $90.8 million and revenue growth was 21% in 2023.

Reddit, located in San Francisco, has partnered with Alphabet's Google to train its artificial intelligence models, according to Reuters sources on Wednesday. One source estimates the contract's annual value at $60 million.

Reddit was funded at $10 billion in 2021, but its share sale pricing in the next weeks is unknown. In the IPO, it may sell about 10% of its shares, Reuters said. The IPO filing indicated CEO Steven Huffman has Class B common stock that vests if Reddit reaches $5 billion in market cap. Based on reports, the social media company should meet the value objective from the start.

Reddit was founded about the same time as Meta, which runs Facebook, and Twitter, but its user base is far smaller. Due to its struggles to monetise, Reddit's growth figures are also low compared to other social media platforms. Advertisers have also questioned the company's content control strategy. It competes with TikTok and Facebook for advertising.

But Reddit has a dedicated following. In 2021, retail traders teamed together to boost shares of massively shorted GameStop and AMC Entertainment Holdings on its message boards, sparking a "meme-stock" rally. Reddit, founded in 2005 by web engineer Steve Huffman and Serena Williams' husband Alexis Ohanian, has received funding from Andreessen Horowitz and Tencent Holdings. Snoop Dogg invests in the firm.

Since being split off from Conde Nast in 2011, Reddit is most known for its specialty discussion groups and users voting "up" or "down" on other members' posts. Through its 2020 acquisition of TikTok competitor

Dubsmash, it has tried to attract youBut Reddit has a dedicated following. In 2021, retail traders teamed together to boost shares of massively shorted GameStop and AMC Entertainment Holdings on its message boards, sparking a "meme-

stock" rally. Reddit, founded in 2005 by web engineer Steve Huffman and Serena Williams' husband Alexis Ohanian, has received funding from Andreessen Horowitz and Tencent Holdings. Snoop Dogg invests in the firm. nger consumers. Despite advertising and premium access for a monthly subscription, Huffman revealed on Reddit in June that the firm has not made a profit. Although it secretly filed for the U.S. IPO in late 2021, difficult economic conditions and dismal technology stock performance forced it to postpone. Morgan Stanley, Goldman Sachs, and more than a dozen other banks are Reddit's IPO lead underwriters.

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