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Reddit’s IPO Filing Shows Lots Of Losses After Nearly 20 Years (www.forbes.com)

submitted 9 months ago by Clbull@lemmy.world to c/technology@lemmy.world

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[–] EndOfLine@lemmy.world 147 points 9 months ago (14 children)

There are 54 pages of risk factors, which, after reading many S-1 filings over the years, seems pretty long. One of the most notable is the sentence, “We have incurred substantial losses during our history and may never achieve profitability.”

Well that doesn't sound very promising for them.

[–] athos77@kbin.social 66 points 9 months ago* (last edited 9 months ago) (5 children)

Because spez insists on chasing the newest tech shiny - but only after it's peaked - NFTs, crypto, RPAN, etc. And although it may yet turn around for him and for reddit, notice that he only jumped onto the AI boom three months after last spring's series of AI announcements, showing that he's once again way behind the times.

Edit: one thing has always struck me since his interview last summer. spez said something like "reddit will continue to be profit-driven until the profits arrive". Like the arrival of profits was inevitable. Like he didn't need to do anything except wait. Just be patient and the profits will arrive in their own time, not like things have to be envisioned and planned and put in place to get profits, just ... they'll arrive. Some day.

It seems a remarkably lackadaisical attitude for a CEO to have.

[–] nucleative@lemmy.world 35 points 9 months ago

Didn't spez also say that Reddit was a side project that just got out of hand?

Being a tech nerd does not mean you have what it takes to lead a company to profitability.

[–] ZeroCool@slrpnk.net 17 points 9 months ago

spez said something like “reddit will continue to be profit-driven until the profits arrive”. Like the arrival of profits was inevitable. Like he didn’t need to do anything except wait.

"It’s easy to sit there and say you’d like to have more money. And I guess that’s what I like about it. It’s easy... Just sitting there, rocking back and forth, wanting that money." Deep Thoughts with Jack Handey, Saturday Night Live

[–] furikuri@programming.dev 8 points 9 months ago (1 children)

Probably doesn't help that Reddit has spent years cultivating some of the most advertiser unfriendly content available (out of the top 100 visited sites). I doubt anyone's chomping at the bit to advertise on pages like r/jailbait, r/piracy, and r/fatpeoplehate. Even if the worst of the worst have been banned the overall "culture" can't be erased as quickly

[–] LiveLM@lemmy.zip 3 points 9 months ago

r/jailbait

Oh ho ho, I've heard spez is quite familiar with this one

[–] SkyezOpen@lemmy.world 3 points 9 months ago

Rpan was pretty cool. Saw a lot of talented musicians and cute cats.

[–] Ringmasterincestuous@aussie.zone 1 points 9 months ago

Not related to topic but that was my first wild lackadaisical on lemmy.

Worth it 💪🏻

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