The Decoder published this article at 2026-10-30T17:15:24+00:00, which is 01:15 Beijing time on 31 October. The byline is Matthias Bastian, and the body dates the piece 30 October. Shares dropped more than 25 percent despite strong earnings. The drop is placed after a statement from chief executive Steve Huffman: in October, Reddit lost more than one million Google search referrals per week.
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Huffman assigns the change to AI Overviews and AI Mode. The sentence quoted in the article is: AI Mode does not drive traffic. Not for us, and not to anybody as far as I know. The rest of the remark calls that a fundamental shift in how Google works. The article then says Reddit's view is that demand for the platform has not changed, and that Google stopped sending people there.
[1]In response, Reddit is testing login walls outside the United States. The article gives the aim as curbing scraping and reducing dependence on the open web. Huffman treats that as a trade: less reach, in exchange for deeper use. Data-licensing talks with AI providers continue. The article says Reddit already had a deal with Google and profited from it, and that it is not certain further deals will be signed. The sum of the earlier deal is not in this article.
[1]The piece lists Reddit as its source. The earnings-call transcript was not opened here. More than 25 percent is this article's figure for the share decline. A separate market close already in print uses a different percentage, and that figure is not carried into this piece. The picture is the Reddit mark in the article, not a price chart. 01:15 falls in the morning window, so this edition uses the piece as backfill.
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