With these challenges, the company said that it is still cleaning up its business and hopes to eliminate these types of groups before seeking to go public.
“We’re still planning to go public, but we don’t have a firm schedule yet,” Reddit co-founder and CEO Steve Huffman told The New York Times in an interview. “All good companies should go public when they can.”
The platform allows registered users, called Redditors, to post content.
Each post is open to the entire Reddit community to vote, either upvote or downvote. The most popular posts appear directly on the home page. Subreddits are available by category and Redditors can follow selected subreddits relevant to their interest and also control what content they see on their custom home page. Some of the most popular subreddits are the Ask Me Anything (AMA) format.
The company previously raised $ 250 million in funding earlier this year and achieved a $ 6 billion valuation.
Reddit makes most of its money from on-site advertising and while its business is small compared to other companies like Facebook and Google, the company says it made $ 100 million in ad revenue in the second quarter of 2021, down 192%. more compared to the same period last year.
According to Statista, Reddit now has approximately 52 million daily users and over 100,000 active subreddits. Earlier this year, the company said it planned to double its staff by the end of 2021 to around 1,400 employees.