Reddit, the popular social news and discussion platform, has achieved a major milestone by turning a profit for the first time in its nearly 20-year history. The company reported a profit of $29.9 million in its third-quarter earnings, along with a 68% increase in revenue to $348.4 million.

This significant achievement comes on the back of a 47% increase in daily users, which now stands at 97.2 million. The platform has also seen a surge in advertising revenue, which grew to $315.1 million, and "other" revenue reached $33.2 million, thanks to data licensing agreements with companies like Google and OpenAI.

Reddit's CEO, Steve Huffman, attributed the user growth to the platform's AI-powered translation feature, which has been expanded to multiple languages. The company plans to further expand this feature to over 30 countries by 2025. Huffman also highlighted Reddit's growing influence, citing that "Reddit" was the sixth most Googled word in the US this year.

This profit milestone is a significant achievement for Reddit, which went public earlier this year and has been working to increase revenue through various means, including advertising deals with sports leagues, upgrading its "ask me anything" feature, and cracking down on web crawlers. The company's growth and profitability will likely be closely watched by the tech and startup community, as it paves the way for further innovation and expansion.