Reddit is on a roll. The social media platform just turned a profit for the first time in its 20-year history, and now boasts a record 97.2 million daily active users, marking 47% year-over-year growth. Several times during the quarter, the figure topped 100 million, which Reddit CEO and co-founder Steve Huffman said in a letter to shareholders it represented a “long-lasting milestone” for the site.

The company, which went public in March, announced the news in its third-quarter earnings results on Tuesday.

In a remarkable turnaround, Reddit reported a profit of $29.9 million, a huge improvement over the $575 million loss it suffered earlier this year in its first quarter as a public company, though in the last quarter it reduced it to $10 million.

The strong performance was driven by advertising revenue of $315.1 million, up 56% from the prior year, and “other revenue” (including deals struck with Google and AI to allow Reddit content to be used to train their models AI), which reached $33.2 million, marking a staggering 547% year-over-year increase.

“It was another strong quarter for Reddit and our communities as we hit important milestones, including new levels of user traffic, revenue growth and profitability.” Huffman said Tuesday.

The CEO said that until this year, “Reddit” was the sixth most searched word on Google in the US as people increasingly turn to the platform for answers, advice and community.

“We saw this evolve in real time when the White House took to Reddit to share critical information during recent hurricanes, reaching people in affected areas with timely updates,” he said.

But not everything went smoothly for the company behind the popular online forum. Last year, for example, Reddit was heavily criticized for its decision to start charging for API access, a move that heavily impacted third-party apps and caused some to close.

It also faces Federal Trade Commission scrutiny over the sale of user-generated content for training large language models operated by Google and OpenAI.