Reddit reported better-than-expected results, but the company issued disappointing user numbers.
Reddit shares fell more than 15% on Wednesday after the company reported weaker-than-expected user numbers in its fourth-quarter earnings.
A Google search algorithm change caused some"volatility" with user growth in fourth quarter, but Reddit's search-related traffic has recovered in the first quarter, Reddit CEO Steve Huffman said.Global daily active uniques, or DAUq, rose 39% from a year earlier to an average of 101.7 million for the fourth quarter. That trailed Wall Street estimates of 103.1 million.
"What happened wasn't unusual — referrals from search fluctuate from time to time, and they primarily affect logged-out users," Huffman wrote."Our teams have navigated numerous algorithm updates and did an excellent job adapting to these latest changes effectively."and internal site improvements that have helped it gain a significant amount of new and returning users, which the social company refers to as logged-out users, over the past year and a half.
Despite missing on user number, the company otherwise reported a strong quarter and provided optimistic guidance.
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