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I don't think Tumblr are making money at the moment. I mean, they might sell themes but that's hardly going to come close to their outgoings.

I guess they're working on the revenue generating bit, as seems to be the case for so many funded tech companies over the last few years.

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They are making money but probably not much. David once said they would probably make millions if they put a single AdSense banner in the Dashboard, but they refuse to use regular advertising and want to make a more creative way of making money.

(Source: http://techcrunch.com/2011/02/22/founder-stories-karp-tumblr...)

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