It’s only not profitable because the CEO and CFO are taking such massive salaries, $193M and $93M, respectively.
They took $286M and the company lost $90M. They could take $90M less - still taking almost $200M - and Reddit would be profitable. That alone should tell investors that this is a bad investment.
In my personal (and therefore, limited) experience, engagement is much harder to get in the fediverse. I hope it improves, but it’s not easy to find people you don’t know in order to follow them, and vice versa.