Reddit stock price soars after social media player reports profit milestone
CBSN
Reddit's stock price is surging after the social media player notched its first profit in the company's nearly 20-year history.
Reddit on Tuesday reported net income of nearly $30 million for the third quarter, while its revenue of $348.4 million for the period topped analyst forecasts. Those figures were up from a loss of $7.4 million on sales of $207.5 million a year ago. Showing impressive customer growth, the business now has more than 97 million daily users, up 47% from a year ago.
A key factor behind Reddit's fast growth of late is artificial intelligence. In a letter to shareholders, Reddit co-founder and CEO Steve Huffman said a new AI-powered service that lets people translate posts between English, French, Spanish, Portuguese, Italian and German quadrupled its number of users. Reddit plans to roll out the feature to more than 30 countries over the course of 2025, he added.
A New York woman has a beef with restaurant chain Subway.
Vice President Kamala Harris and former President Donald Trump have different stances on health care policy in America, although in the 2024 presidential election, health care has not played as prominent a role in the campaign as it did in 2016 or even in 2020. In those campaigns those on the left proposed a radical overhaul of Obamacare, while Republicans sought to repeal it.
In a tight presidential race in which Americans cite the state of the economy as the most important issue, one aspect of the country's performance could prove decisive: How voters in battleground states currently perceive inflation.
President Biden reinserted himself into the contentious campaign to succeed him, appearing to call former President Donald Trump's supporters "garbage" on a video call with Latino activists Tuesday evening. Republicans seized on the comments, while the White House offered a different explanation of what Mr. Biden said.
An Alabama man who left threatening phone messages for Fulton County District Attorney Fani Willis and the county sheriff last summer because he was angry over an investigation into former President Donald Trump was sentenced Tuesday to nearly two years in federal prison.
Washington — Vice President Kamala Harris on Tuesday night will deliver her closing argument against former President Donald Trump at the same site he encouraged his supporters to "fight like hell" on Jan. 6, 2021, before they marched to the U.S. Capitol and tried unsuccessfully to halt the certification of President Biden's victory.
A Brazilian au pair who fell in love with an IRS agent pleaded guilty to manslaughter on Tuesday in what prosecutors say was an elaborate double-murder scheme to frame another man in the stabbing of his wife.
Washington — The Supreme Court on Tuesday rejected two separate bids by Robert F. Kennedy, Jr., to have his name removed from the presidential ballots in Michigan and Wisconsin.
The man who was convicted in the 2022 attack on the husband of House Speaker Emerita Nancy Pelosi was sentenced to life in prison without the possibility of parole Tuesday following his state trial.
Spirit Halloween pop-up costume shops have become ubiquitous and virtually synonymous with the October dress-up holiday in some cities.
Teri Garr, the quirky comedy actor who rose from being a background dancer in Elvis Presley movies to co-star in such favorites as "Young Frankenstein" and "Tootsie," has died, CBS News confirmed. She was 79.