Reddit shares soar after company turns first-ever profit

Monthly users rose by nearly half thanks to AI translation feature, and deals for AI training with Google and OpenAI boosted revenue

Reddit on Tuesday reported a quarterly profit for the first time in its 20-year history. Shares of the company, popular for its user-led communities known as subreddits, rose more than 35% as markets opened the next day.

The company reported nearly 100 million monthly users, an increase of 47% from the year prior, and a profit of $29.9m. Its revenue reached $348.4m, a year-over-year increase of 68%, handily beating analysts' expectations.