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I couldn't find it easily in their FAQ: When does your link karma increase 1 point?
I don't think it's a one-one relationship with votes, as some of my stuff got upvoted and it didn't change immediately

What about comment karma? Is it the same formula but for votes on comments?

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Is that formula tag a bug @rchern? –  jmfsg Oct 12 '10 at 22:15
    
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Maybe it's a caching issue, meaning that your karma is not updated live, but calculated every once in a while. –  mbillard Oct 12 '10 at 23:40
    
That may be a good enough reason @GoodEnough –  jmfsg Oct 13 '10 at 0:01
    
Doesn't seem to be caching / recalculating -- I have the same situation, and there haven't been any up/down votes for nearly a month. Screenshot, fwiw: imgur.com/Zkvrh7K –  not-just-yeti Feb 10 '13 at 15:02
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up vote 8 down vote accepted

According to Wikipedia:

Users gain one point of link karma when another user votes up their submission and lose a point when a user votes down their submission. Individual comments may also be voted up or down by other users and result in a user's comment karma. Users stop losing karma after their submission reaches 0. This is not the case for comments.

Karma points are also not gained from votes for direct submissions of Reddit-hosted posts to reddits (also known as "self" posts, usually indicated by "self.(name of sub- reddit)" listed next to the name of the post); this was implemented by the administrators to counteract against "karma-whoring"

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Hmm, WP did say this (but doesn't, as of 2013.Feb). As the questioner notes, that formula doesn't jibe with reality. For example, screenshot: imgur.com/Zkvrh7K –  not-just-yeti Feb 10 '13 at 15:01
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