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Reddit Shares Plunge 30%
Reddit shares fell 30.44% to $90.15 on Friday after CEO Steve Huffman warned that Google's AI-powered search features are cutting referral traffic, leading to weaker user growth and disappointing fourth-quarter guidance. The platform reported strong third-quarter results but issued a weaker-than-expected revenue forecast, citing a decline in Google search referrals and a 12% year-over-year drop in daily active unique visitors, including a 2% decline in the U.S. audience.