Economy
Reddit Shares Plunge 29% on Weak Q4 Outlook and Search Decline
Livemint1h
THE BRIEF
1
Reddit shares plunged 29% to $91.30 on Friday, marking its worst single-day fall after warning that declining Google Search traffic will weaken fourth-quarter user growth.
2
The platform forecast fourth-quarter revenue between $1 billion and $1.03 billion, missing the Bloomberg consensus estimate of $1.05 billion.
3
CEO Steve Huffman reported that Google search referrals dropped by over one million weekly in October due to shifts toward AI-powered search features.