{
  "report_rows": [
    {
      "kpi": "Q2'26 Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$12.63B vs. cons ~$12.58B",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q2'26 Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.83 vs. cons ~$0.79",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2'26 Operating margin",
      "prediction": "BEAT",
      "answer": "pred ~33.4% vs. cons ~32.6%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3'26 Revenue guide",
      "prediction": "BETTER",
      "answer": "guide ~$13.05B vs. cons ~$12.95B (Q3'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Revenue framework",
      "prediction": "UNCHANGED",
      "answer": "guide ~$50.7-51.7B vs. cons ~$51.2B (FY26)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY26 Operating margin",
      "prediction": "UNCHANGED",
      "answer": "guide ~31.5% vs. cons ~31.5% (FY26)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY26 Ad revenue trajectory",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.0B (roughly 2x) vs. cons ~$3.0B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "H1'26 Engagement (view-hours/quality metric)",
      "prediction": "UNKNOWN",
      "answer": "pred ~flat-to-up view-hrs/H1 report vs. cons feared decline (H1'26)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 Free cash flow",
      "prediction": "UNCHANGED",
      "answer": "guide ~$12.5B vs. cons ~$12.5B (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 6.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 7.5,
  "day5_path": "STABILIZE",
  "day5_rationale": "Classic rope-a-dope: stock is down ~32% from the April high near a 2-yr low with washed-out sentiment and bullishly-positioned options into the print. An EPS/margin beat plus a reaffirmed FY revenue/margin/FCF framework and an in-line-to-slightly-better Q3 guide relieves the engagement panic and drives a sharp day-1 relief pop. Into day 5 it stabilizes rather than fully fades: valuation is de-risked and oversold, but because the FY guide is only reaffirmed (not meaningfully raised) and the engagement debate is unresolved, out-period estimate revisions are muted\u2014so the pop holds without strong further follow-through.",
  "day5_confidence": "LOW"
}