Reddit (RDDT) Stock Plunges 29% After Google AI Cuts US Traffic

TLDR Reddit (RDDT) stock fell 29% to $91.73 on Friday after Q3 results showed U.S. users shrinking. Q3 revenue rose 53% to $895 million and EPS of $1.40 beat the $1.33 estimate. U.S. daily users fell to 50.7 million, down 2.5 million from the prior quarter. Q4 revenue guidance of $1 billion to $1.03 billion came in below the $1.045 billion consensus. JP Morgan cut its target to $150 from $185, and Goldman Sachs cut its to $140 from $215. Reddit (RDDT) stock fell 29% on Friday to close at $91.73. It had closed at $129.60 the day before, and it now sits well below its 52-week low of $119.27. Reddit, Inc., RDDT The drop followed the company’s third-quarter report, which showed a shrinking U.S. audience.

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