Reddit, Pinterest shares tumble on weak user and revenue growth

Oct 30 (Reuters) Shares of Reddit and Pinterest fell in premarket trading on Friday, after Reddit warned that Google s AI search features could ​shrink its user base, and Pinterest forecast ‌weak fourth-quarter revenue. Reddit shares tumbled 23%, while Pinterest slumped 8%. Here are more details: • Reddit said search engine referrals fell by more than 1 million on average each week in October • ‌Total ​daily active unique visitors could ⁠fall by a low ⁠double-digit percentage in the fourth quarter from about 130 million if referral traffic continues to fall, Reddit added • JPMorgan analysts said the expansion of ​Google s AI Overviews and AI Mode, along with changes to how machine-translated content ranks, has pushed ⁠search traffic down • A reset ⁠in expectations is appropriate, and the near-term ​outlook is increasingly clouded, Piper Sandler analysts added • Reddit ​said in a filing it had extended its ‌cloud services agreements with Amazon Web Services and Google through 2029, co