Reddit reported Q3 daily active users of 130.3 million, below the 134 million estimate. US users fell 2% year over year. CEO Steve Huffman warned search traffic is dropping more than 1 million referrals per week, which could lead to a low double-digit percentage decline in Q4 DAUs. Advertising revenue beat estimates at $847 million. Adjusted EPS of $1.40 also beat. Shares fell 23% in premarket trading to $100.15. No update was provided on AI licensing deals with Alphabet and OpenAI.
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