Technology
Reddit warns AI Overviews are cutting its search traffic as revenue growth slows
Reddit's third-quarter revenue rose 53% to $895 million and net income reached $283 million, but it guided fourth-quarter revenue to $1.00-1.03 billion against roughly $1.05 billion expected. Chief executive Steve Huffman said search referrals fell meaningfully in the quarter and by more than a million a week on average in October, warning that daily active uniques could drop by a low-double-digit percentage from 130.3 million. Shares fell sharply on Friday.
Sources
Investing.com (via Yahoo Finance)Investing.com (earnings call transcript)