Reddit, the go-to platform for online discussions, recently faced a widespread outage that caused frustration among users. Reports of issues with the site surged just before 4 p.m. ET on Aug. 28, with over 76,000 error reports flooding in. Users encountered error messages like “We have encountered an error. Please try again later” and “We were unable to load the content for this page.” The Reddit app was also affected by these problems, as indicated by reports on monitoring sites like Downdetector.
A message on Reddit’s status page at 4:16 p.m. ET acknowledged the “Degraded Performance for reddit.com” and stated that the issue was under investigation. By 4:45 p.m. ET, a fix had been implemented, and access to the site and app was restored.
Technical glitches are not uncommon for Reddit, with past major outages occurring in August of last year and March 2023. The platform boasts over 100,000 active communities covering a wide range of topics and interests from around the world.
In terms of financials, Reddit launched its IPO in March, raising $519 million. It reported a 21% year-over-year increase in revenue for 2023, totaling $804.0 million, with a net loss of $90.8 million compared to $158.6 million loss the year prior. Daily active unique users also saw a significant increase of 51% year-over-year, reaching 91.2 million.
Reddit’s journey from being acquired by Condé Nast in 2006 for $10 million to becoming an independent entity with investments from various entities like OpenAI CEO Sam Altman, China’s Tencent Holdings, and Fidelity, is a testament to its growth and success in the online community space.
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