Reddit Inc. is projecting over 20% in revenue growth in 2024, the social media company stated in its initial public offering. Revenue in 2023 was $804 million according to its filing with the U.S. Securities and Exchange Commission; a 20.5% rise from the previous year according to data from Bloomberg. The same filing showed an adjusted Ebitda loss of $69.3 million.
Some of the filing’s underwriters also estimate that Reddit’s revenue will increase at a similar rate to the company’s own expectations. Should these projections prove true, it would mark a major turnaround for the company, While Reddit’s revenue grew at a similar pace last year, the company became profitable in the fourth quarter of 2024.
The IPO is expected to rake in an investment of $748 million for Reddit, the company claimed in its regulatory filing. 22 million shares will be up for sale, with the price per share ranging between $31 to $34. Reddit is also expecting a $66.4 million income in 2024 from licensing access to the company’s website data to third parties such as Google parent company Alphabet Inc.