Reddit CEO Huffman: Google AI Overviews Have Cut Search Traffic, Delivered Less Value Than Blue Links

Reddit CEO Steve Huffman told shareholders ahead of Q2 2026 earnings that Google's AI Overviews have reduced search-driven traffic to Reddit and have yet to match the value of traditional blue-link search. "People don't want a summary of Reddit; they want Reddit," he wrote. Huffman declined to rule out restructuring Reddit's $60 million content licensing deal with Google, saying only that "the range of outcomes is wide."