Reddit, Pinterest shares tumble on weak user and revenue growth
Sofia Cheung is a dedicated community reporter with a focus on social issues affecting the Fargo area. A graduate of North Dakota State University, she has spent the last four years reporting for local networks, ensuring that underrepresented voices are heard.
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Oct 30 (Reuters) Shares of Reddit and Pinterest fell in premarket trading on Friday, after Reddit warned that Google s AI search features could shrink its user base, and Pinterest forecast weak fourth-quarter revenue. Reddit shares tumbled 23%, while Pinterest slumped 8%. Here are more details: • Reddit said search engine referrals fell by more than 1 million on average each week in October • Total daily active unique visitors could fall by a low double-digit percentage in the fourth quarter from about 130 million if referral traffic continues to fall, Reddit added • JPMorgan analysts said the expansion of Google s AI Overviews and AI Mode, along with changes to how machine-translated content ranks, has pushed search traffic down • A reset in expectations is appropriate, and the near-term outlook is increasingly clouded, Piper Sandler analysts added • Reddit said in a filing it had extended its cloud services agreements with Amazon Web Services and Google through 2029, co