investors about the AI: `Later this year, we will begin testing new search result pages powered by AI to summarize and recommend content.` The CEO said Reddit AI will help users `dive deeper` into content and discover new Reddit communities.
Reddit is an American social news aggregation, content rating, and forum social network. Redditors suggest content to the site as links, text posts, images, and videos. In October 2023, Reddit was declared the 18th most visited website in the world. Also, 48.98% of the website traffic comes from the United States, followed by the United Kingdom at 7.06% and Canada at 6.9%.
The CEO explained that the Reddit app uses a mix of first and third-party technology to power the feature. Reddit search future has been inactive for an extended period. This new Reddit AI could attract new users and boost advertising income. `But now we will unlock the door for new use cases, new types of subreddits that can be built that may have exclusive content or private areas, things of that nature,` Huffman declared.
In May, the Reddit app announced their association with the artificial intelligence OpenAI. This partnership plays a crucial role in introducing these AI-powered features. Also, the Reddit app mentioned a similar deal with Google earlier this year to support the Reddit AI capabilities.
On the Tuesday call, artificial intelligence was the main topic. Huffman publicized the success of the Reddit AI-powered language translation feature. He reported that France is one of their `fastest growing countries`. Also, Reddit wants to expand the translation feature to German, Spanish, and Portuguese. This expansion will increase user engagement across different linguistic societies on the platform.
Reddit reported 342.3 million weekly active users for the Q2. It marks a 57% increase from the previous year. Also, Reddit reported an income of $281.2 million in Q2. This income is above Wall Street estimates of $253.8 million. This growth illustrates that Reddit has had a strong financial performance since going public earlier this year.
Reddit has been investigating new ways to expand business strategies, containing multi-million-dollar licensing deals. Also, Reddit has blocked search engines that aren't paying for their content. `Some players in the ecosystem have not been transparent with their use of Reddit's content, and in those instances, we block access to protect Reddit content and user privacy.`
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