Historically a strong performer, $AppLovin(APP.US) turned in a rare miss. Both the quarter and guidance point to slowing revenue growth, falling short of investor expectations.

Q2 revenue was $1.92bn (+53% YoY), below the midpoint of guidance, and Adj. EBITDA came in under the guided range. The shortfall reflected lighter-than-usual model upgrades during the quarter, with the next step-up landing just after quarter-end.

Q3 revenue guidance of $2.05–2.085bn incorporates model improvements already rolled out and higher compute costs. The focus shifts to driving traffic for mid-tier e-commerce clients and partners.

Dolphin Research presents the earnings call Trans for $AppLovin(APP.US) Q1'26. For the full earnings read-through, cf. 'Applovin: still a sweetheart, has capital moved on?'.

In a rumor-laden Q1, $AppLovin(APP.US) delivered a modest beat.

Below is Dolphin Research’s FY25 Q4 earnings call Trans for $AppLovin(APP.US). For the earnings review, see 'AppLovin: Spooky headlines weighing on strong results?'.

$AppLovin(APP.US) reported Q4 2025 results after-hours on Feb 11 (ET). The print was decent. While some on the sell side were notably more upbeat, the outcome broadly aligned with the buy side's more cautious stance.

Still, the market reacted negatively to the release. The shares traded lower on the print.

Specifically: 1) revenue guidance is trending well. As AppLovin is in a critical expansion phase, guidance remains the key metric to watch...

Last Fri., three gaming-linked names covered by Dolphin Research — $Unity Software(U.US), $AppLovin(APP.US) and $Roblox(RBLX.US) — sold off sharply. The selloff was widely tied to Google's newly unveiled 'Genie', a generative world model seen as disruptive for gaming.

Dolphin Research does not deny that Genie could reshape gaming as it iterates through successive upgrades. But at this stage, on both gameplay and economics, it is still a long way from truly disruptive...

$AppLovin(APP.US) has been targeted by another short report.

The following is a summary of the 3Q25 earnings call minutes for $AppLovin(APP.US) organized by Dolphin Research. For financial report interpretation, please refer to "Without High Growth and Violent Aesthetics, Is Applovin Still Attractive?" 1. Review of Core Financial Information This Quarter: The upgrade of the core gaming business model drove revenue to increase by 68% year-on-year to approximately $1.405 billion; adjusted EBITDA reached $1.158 billion, up 79% year-on-year, with a profit margin of 82%, an increase of 1 percentage point from the previous quarter, mainly due to the leverage effect and the moderate alleviation of foreign exchange fluctuations...

$AppLovin(APP.US) released its Q3 2025 financial report after the U.S. stock market closed on November 6th, Eastern Time. The performance slightly exceeded consensus expectations, including current revenue growth and margin optimization, as well as guidance for Q4. The Q4 guidance implies a slowdown in AppLovin's advertising growth, seemingly partially confirming the speculation that the initial response to the self-service advertising platform has been mediocre. Dolphin Research believes that considering the current self-service advertising is still in the testing phase in specific regions, the Q4 guidance alone cannot fully demonstrate the driving effect of self-service advertising...