JPM TECH SKETCH: RDDT Q2 Preview – DAU Debate Won’t Die, RBLX Q2 Preview – The Bottom?, DASH Protecting Margins?, TMUS Q2 Sell-Off Overdone

研报英文原文证据摘录

JPM TECH SKETCH: RDDT Q2 Preview – DAU Debate Won’t Die, RBLX Q2 Preview – The Bottom?, DASH Protecting Margins?, TMUS Q2 Sell-Off Overdone

Specialist Sales J P M O R G A N

24 July 2026

RDDT DAU Debate Won’t Die, RBLX Is This the Bottom?, DASH Changing Fee Schedules

JPM TECH SKETCH: RDDT Q2 Preview – DAU Debate Won’t

Die, RBLX Q2 Preview – The Bottom?, DASH Protecting

Margins?, TMUS Q2 Sell-Off Overdone

Mark Schilsky | mark.schilsky@jpmorgan.com | +1 (212) 622-2668

SCHILSKY’S SNAPSHOT

- RDDT Q226 Earnings Preview – The DAU Debate Won’t Die: This is literally the same title I used for Q1’s Preview

becomes it remains just as appropriate today. Honestly, I might as well quote myself because the debate on RDDT has barely

changed over the past quarter: “It’s absurd that RDDT is going to trade up or down 15% on this earnings print based off a

few hundred thousand US logged in users beating or missing Street estimates, but this is the reality we find ourselves in.

Everyone knows RDDT is going to beat Revenue handily. Thus, the only real debate remains DAUs.” Additionally, while

Revenue and DAU expectations are VERY similar to where we were just one quarter ago, investor sentiment has

decidedly shifted positive and the stock is about +20% higher. See my full Preview below. Also, check out Page 13 of

Doug’s Internet Q226 Preview Deck.

- RBLX Q226 Earnings Preview – Is This the Bottom?: RBLX enters Q2 as a modestly crowded short. The data has not

yet bottomed, although it bounced a little recently, and GTA VI still looms. The title of this Preview refers to the consensus

view that Q3 Bookings growth will represent a bottom this year – somewhere in the negative low to mid-single digits. Will

that be enough to put a real bottom in the stock? Only a new hit game can really do that.