Reddit's U.S. Daily Users Dip as AI Search Summaries Reduce Referral Traffic

Reddit's U.S. daily active users fell from 53.5 million in Q1 2026 to 53.2 million in Q2 — the first quarterly decline investors have seen. CEO Steve Huffman called search referrals "choppy." AI-powered search summaries may be answering queries without sending users to Reddit, shrinking the logged-out ad-impression funnel. Worth flagging: one data point, not a trend — yet.