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r/earnings

The majority of Reddit’s user growth came from logged out users

5/8/24 11:17AM

At one point yesterday, Reddit shares were up over 15% (before fading in later trading) as the social media platform posted its first set of results since going public in March. The TL;DR breakdown? Daily active users rose to 82.7 million, revenues were up 48% year-over-year, and the future apparently looks neon-orange bright, with adjusted profit in sight for Q2.

After perhaps the highest-profile IPO of 2024 so far, there were a lot of eyes on the company’s inaugural earnings report yesterday... not least because execs staged an ask-me-anything of sorts, fielding a couple of — admittedly stuffy and heavily-screened — questions from Redditors on the call. One revelation that surprised some less-initiated observers, however, was actually about the platform’s active users themselves.

Despite its origins (the site’s basically a huge hub of niche online forums where users can interact with people who share the same fixations), a lot of Reddit’s daily users might not be as invested as the platform’s format presupposes... or as Reddit execs would ideally like.

Indeed, just ~48% of its daily active users are logged in when using the platform, meaning that the majority of Reddit visitors are only able to view posts, rather than make or comment on them — perhaps a troubling data point for a platform that’s defined by user-generated content more than most other social media. It also means that less info can be collected about each logged out user (arguably good for the individual, bad for targeted advertising).

It’s interesting to note that logged out users were up 48% year-on-year, while the number of Redditors who were logged in grew 27%, with most of the former category coming from Google, according to CEO Steve Huffman, leading some analysts to ponder Reddit’s dependence on the search engine.

Rani Molla

Tunnel Vision

15h

Tesla gets permit to test autonomous cars in Nevada as autonomous driving heats up there

Amazon’s self-driving Zoox launched service this week, and Google’s Waymo is testing there.

Las Vegas Exteriors And Landmarks - 2024

Jon Keegan

9/11/25

OpenAI and Microsoft reach agreement that moves OpenAI closer to for-profit status

In a joint statement, OpenAI and Microsoft announced a “non-binding memorandum of understanding” for their renegotiated $13 billion partnership, which was a source of recent tension between the two companies.

Settling the agreement is a requirement to clear the way for OpenAI to convert to a for-profit public benefit corporation, which it must do before a year-end deadline to secure a $20 billion investment from SoftBank.

OpenAI also announced that the controlling nonprofit arm would hold an equity stake in the PBC valued at $100 billion, which would make it “one of the most well-resourced philanthropic organizations in the world.”

The statement read:

“This recapitalization would also enable us to raise the capital required to accomplish our mission — and ensure that as OpenAI’s PBC grows, so will the nonprofit’s resources, allowing us to bring it to historic levels of community impact.”

A joint statement from OpenAI and Microsoft

The statement read:

“This recapitalization would also enable us to raise the capital required to accomplish our mission — and ensure that as OpenAI’s PBC grows, so will the nonprofit’s resources, allowing us to bring it to historic levels of community impact.”

Rani Molla

9/11/25

BofA doesn’t expect Tesla’s ride-share service to have an impact on Uber or Lyft this year

Analysts at Bank of America Global Research compared Tesla’s new Bay Area ride-sharing service with its rivals and found that, for now, it’s not much competition for Uber and Lyft. “Tesla scale in SF is still small, and we don’t expect impact on Uber/Lyft financial performance in ’25,” they wrote.

Tesla is operating an unknown number of cars with drivers using supervised full self-driving in the Bay Area, and roughly 30 autonomous robotaxis in Austin. The company has allowed the public to download its Robotaxi app and join a waitlist, but it hasn’t said how many people have been let in off that waitlist.

While the analysts found that Tesla ride-shares are cheaper than traditional ride-share services like Uber and Lyft, the wait times are a lot longer (nine-minute wait times on average, when cars were available at all) and the process has more friction. They also said the “nature of [a] Tesla FSD ‘driver’ is slightly more aggressive than a Waymo,” the Google-owned company that’s currently operating 800 vehicles in the Bay Area.

Apple AI was MIA at iPhone event

A year and a half into a bungled rollout of AI into Apple’s products, Apple Intelligence was barely mentioned at the “Awe Dropping” event.

Jon Keegan9/10/25

Jon Keegan

9/10/25

Oracle’s massive sales backlog is thanks to a $300 billion deal with OpenAI, WSJ reports

OpenAI has signed a massive deal to purchase $300 billion worth of cloud computing capacity from Oracle, according to a report from The Wall Street Journal.

The report notes that the five-year deal would be one of the largest cloud computing contracts ever signed, requiring 4.5 gigawatts of capacity.

The news is prompting shares to pare some of their massive gains, presumably because of concerns about counterparty and concentration risk.

Yesterday, Oracle shares skyrocketed as much as 30% in after-hours trading after the company forecast that it expects its cloud infrastructure business to see revenues climb to $144 billion by 2030.

Oracle shares were up as much as 43% on Wednesday.

It’s the second example in under a week of how much OpenAI’s cash burn and fundraising efforts are playing a starring role in the AI boom: the Financial Times reported that OpenAI is also the major new Broadcom customer that has placed $10 billion in orders.

Exclusive | Oracle, OpenAI Sign Massive $300 Billion Cloud Computing Deal