Reddit beat every number in Q2 2026 and lost more than a tenth of its market value. The problem is not this quarter's advertising. It is that Reddit is simultaneously a supplier to AI search products and a casualty of them, with a $60-million-a-year Google licensing deal expiring in the first half of 2027.
DrafterDaily explains what a quarter actually means, not just what it printed.
The headline was the 94% drawdown from a $3.44 billion peak. The more useful arithmetic is the cash sitting inside the thing being bought — and the fact that everyone except the angels was paid in another private company's paper.
The biography is the least interesting part. What the board actually did was unbundle the CEO job — keeping Tim Cook on with a defined policymaker-engagement remit — and that separation says more about Apple's next decade than the appointment does.
Every outlet reported the size of Meta's teen-safety settlement and the screen-time limits. Almost nobody read the payment structure — where roughly $5.3bn is released only if two competitors act.