{
  "report_rows": [
    {
      "kpi": "Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$12.62B vs. cons $12.58B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.83 vs. cons $0.79",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating margin",
      "prediction": "IN-LINE",
      "answer": "pred ~32.7% vs. cons 32.6%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 revenue guidance",
      "prediction": "LOWER",
      "answer": "guide ~$12.90B vs. cons $12.97B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 revenue guidance midpoint",
      "prediction": "LOWER",
      "answer": "guide ~$51.20B vs. cons $51.38B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 operating-margin target",
      "prediction": "UNCHANGED",
      "answer": "guide ~31.5% vs. cons 31.5% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 advertising revenue commentary",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.00B vs. cons $3.00B (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -4.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -7,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "~$12.90B Q3 revenue guidance versus ~$12.97B consensus and ~$51.20B FY2026 revenue midpoint versus ~$51.38B consensus would pull out-period revenue and EPS estimates lower despite a ~$0.83 versus ~$0.79 Q2 EPS beat; engagement-related uncertainty should keep the valuation multiple under pressure.",
  "day5_confidence": "MEDIUM"
}