Reddit shares crash 29% after weak Q4 outlook, Google search traffic concerns; set for worst-ever 1-day fall

Reddit shares fell 29% to $91.30 on October 30 and headed for their worst one-day decline since listing after fourth-quarter revenue guidance of $1.00 billion to $1.03 billion came in below the $1.05 billion consensus. Daily active users could decline by a low double-digit percentage from about 130 million if weakening Google Search referrals persist, with referrals falling by more than one million per week during October. Third-quarter revenue rose 53% to $895 million and adjusted EBITDA increased 70% to $402 million, both exceeding estimates, while net profit reached $283 million.