Shares of community service Reddit tumbled 30 percent on Thursday, headed for their worst day since it listed in 2024. CNBC reported that the stock plunged after Reddit issued a weaker-than-expected fourth-quarter revenue forecast in its latest earnings report.

Reddit forecast fourth-quarter revenue of $1.0 billion to $1.03 billion. That is below the analysts’ estimate of $1.05 billion. Reddit said third-quarter revenue rose 53 percent from a year earlier. The growth rate slowed from the previous quarter, but both revenue and profit beat Wall Street expectations.

The decline raises the likelihood that Reddit will post its biggest one-day drop since listing, surpassing the 20.99 percent fall recorded on July 31.

Reddit said the spread of Google AI Overviews changed the structure of search-driven traffic. Steve Huffman (스티브 허프먼), Reddit's chief executive officer, said search traffic coming from Google fell meaningfully this quarter due to the impact of AI.

Reddit plans to test requiring users to log in to access content. CNBC said it would be a major change in how the service operates, which has been seen as a symbol of the open internet because of its community-based discussion content.

After the earnings release, multiple analysts downgraded their ratings on Reddit. Citizens said the search changes exposed problems in the structure of selling Reddit content to Google.