Reddit Inc. announced on Tuesday that its revenue in the third quarter of fiscal 2024 came in at $384.4 million, shooting up 68% compared to the same timeframe in 2023.

In the three months ending September 30, net income amounted to $29.9 million, significantly up from a net loss of $7.4 million registered in the same quarter in 2023. Diluted earnings per share stood at $0.16, growing from diluted loss per share of $0.13 recorded in the same three-month period a year earlier. Meanwhile, daily active uniques surged 47% on an annual basis to reach 97.2 million.

"It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability. Reddit continues to be one of the most visited and trusted sites in the world with opportunities available to us that aren’t available to most companies," CEO Steve Huffman said.