A day after Alphabet lost $500 billion in market value due to a slowdown at Google, Reddit stock plunged 30% Friday after the company said its search traffic was “down meaningfully” in the third quarter.
Shares in the digital platform, which went public in 2024, were trading at around $90.20 in the latter half of the trading day. They have fallen 60% in 2026 to date.
Financial results in the July-to-September quarter topped Wall Street analysts’ forecasts, with revenue surging 53% over the prior-year period to $895 million. Earnings per share jumped to $1.40 from 80 cents.
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