{
  "report_rows": [
    {
      "kpi": "Q2'26 Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$12.65B vs. cons $12.58B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2'26 Operating Margin",
      "prediction": "BEAT",
      "answer": "pred ~33.0% vs. cons/guide 32.6%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2'26 Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.85 vs. cons $0.79",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3'26 Revenue Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$13.0B vs. cons $13.05B (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 Operating Margin Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~31.5% vs. cons 31.5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Ad Revenue Target",
      "prediction": "BETTER",
      "answer": "guide ~$3.0B vs. cons $2.8B (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 Revenue Guidance Range",
      "prediction": "UNCHANGED",
      "answer": "guide ~$50.7-51.7B vs. cons $51.2B (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.3,
  "day5_path": "FADE",
  "day5_rationale": "Beaten-down stock (near 2-yr lows, bullish option skew) likely rallies on a modest top/bottom-line beat and reaffirmed FY margin/revenue guide, but the Q3 guide implies further deceleration (mid-to-low teens growth lapping tougher comps) and H2 content-amortization/engagement questions remain unresolved; sell-side is likely to trim out-year growth/ad-revenue estimates even after a Q2 beat, causing the initial pop to fade as the print doesn't resolve the structural growth-slowdown debate (YouTube share loss, WBD M&A overhang, engagement decline) that drove the 2026 de-rating.",
  "day5_confidence": "LOW"
}