Annual reports are for strategy. If you buy shares in a business that changes strategy on a monthly basis, you don't need more rapid reporting, you need to get out.
Go read Buffetts annual shareholder letters, they are free on the internet going back 40 years. He repeatedly makes the key point that your investments need to have some enduring competitive advantage, if they do you don't need constant upgrades, if they don't sell. Enduring competitive advantages don't disappear over night, if they degrade they do it slowly over many years.
If true it makes them terrible investments, because their future income streams can't be estimated with any accuracy, so they cannot be valued.
But in reality it's not totally true. SnapChat and (probably) Instagram have huge installed bases, but haven't yet figured out how to monetize them. They aren't businesses or investments, they have no strategy other than just pure speculation.
But Uber provides a service connecting riders with drivers that costs pennies per ride to deliver and earns dollars per ride in revenues. If you know how much Uber is spending to build out markets, and on unneeded distractions like UberEats and self driving cars, you can estimate the value of their core business. Uber's strategy has never changed, they've just obfuscated it.
Go read Buffetts annual shareholder letters, they are free on the internet going back 40 years. He repeatedly makes the key point that your investments need to have some enduring competitive advantage, if they do you don't need constant upgrades, if they don't sell. Enduring competitive advantages don't disappear over night, if they degrade they do it slowly over many years.