Reddit is trading at $101.24, down 20.91% in pre-market after fourth-quarter revenue guidance missed analyst estimates.
- October 29 results beat estimates; fourth-quarter guidance was $1.00 billion–$1.03 billion, below the $1.05 billion analyst estimate.
- Management warned continued search-referral losses could mean a low-double-digit percentage decline in fourth-quarter daily active users; referrals fell by more than 1 million per week on average in October.
- CNBC reported shares sank after the guidance and warning.