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Reddit Stock Plunges on ‘Choppy’ Search Referrals Warning
Reddit shares are down roughly 40% this year.Credit: Cheng Xin / Getty ImagesKey TakeawaysReddit shares dropped 22% Friday after the CEO warned of volatile search referrals and traffic.Reddit’s quarterly profits and revenue topped Wall Street estimates.Reddit easily trumped Wall Street analysts’ quarterly profit and revenue estimates. Investors are dropping the stock anyway.Shares of Reddit were down nearly 23% in recent trading, a day after co-founder and CEO Steve Huffman warned in a letter to shareholders that “search referrals were choppy in the quarter, and traffic was more volatile…
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