Reported about 11 hours ago
Reddit Inc. faced a significant drop in shares after reporting fourth-quarter user growth that fell short of Wall Street expectations, indicating challenges in competing with larger digital advertising companies like Meta and Google. The platform saw an average of 101.7 million daily active users versus the anticipated 103.8 million, largely impacted by changes in Google's search algorithm. Despite the struggles, Reddit's revenue grew by 71% in the holiday quarter, surpassing analyst predictions.
Source: YAHOO