Reddit shares sink on weak sales guidance and plans login requirement test as Google search traffic shrinks

Reddit plans to require all users to create official accounts to access the social media platform, marking a major departure for the site known as "the front page of the internet." The company revealed the change Thursday as part of its third-quarter earnings, in which it beat on the top and bottom lines, but provided weak fourth-quarter sales guidance. The company's shares dropped over 11% after its numbers were released. Reddit CEO Steve Huffman told CNBC in an interview that the company's shrinking search-referral traffic from Google played a major role in its planned efforts to require people to become "logged-in" users.