AppLovin's share price has fallen much faster than its business, so the market is pricing in moat erosion the data has not shown. Q2 revenue still grew 53% to about $1.9B at an EBITDA margin above 80%, and Q3 guidance of $2.1B implies 48% growth. MAX publisher earnings grew double digits sequentially and its share of publisher waterfalls held steady. At about 15x FY27 earnings, the real test is whether AXON works in commerce beyond gaming, and Q3 must show the model delay was real. x.com 

AppLovin's push from mobile-gaming ads into e-commerce is gaining real traction, and the stock has a wide base of support with a gap above. E-commerce ad spend hit a record $1.28 billion in Q2, 28% above the usually stronger Q4 peak. Q2 revenue grew 53% to $1.92 billion with an EPS beat and about 84% EBITDA margin, and Q3 guidance of 46-48% growth frames the miss as a timing issue already resolving. Management bought back about $551 million of stock. x.com 

AppLovin faces a long repair after its trend broke, even though its fundamentals rank in the top 30 of 2,000 stocks. Shares fell almost 60% from above $745 to near $315 after an August report, with revenue up 53% and an 84% EBITDA margin, narrowly missed its guidance midpoint, cracking the endless-beat assumption behind its multiple. Price sits below a falling 200-day average, and holders waiting for break-even must clear first. If the trend turns, 16.8x earnings for 37% growth would be rare. … Show more

AppLovin's high growth may outlast market expectations, helping explain its cheap valuation. In SergeyCYW's forward P/E versus expected revenue growth comparison, it is in a league of its own, especially when earnings quality is considered. x.com  x.com  x.com 

AppLovin is priced for major deceleration: it trades at 24x earnings versus the S&P 500's 26x despite 57% EPS growth last quarter, showing the market doubts its growth is sustainable. Management targets long-term growth of 20-30%; if it comes reasonably close, the stock is very undervalued, and intrinsic value growth alone would produce substantial returns even if the multiple contracted further. x.com 

AppLovin needs a very clean quarter to rebuild confidence. Investors question how much market-share runway its gaming ad business has left and how sustainable its very high margins are, and last quarter's model-upgrade cadence issues raised new execution concerns. Gaming ads must remain the central growth engine, since e-commerce will not be big enough for a while. x.com  x.com 

AppLovin's roughly 60% drop in 2026 has reset expectations while revenue still grows over 50%. Last quarter revenue rose 53% to $1.92B at an 84% adjusted EBITDA margin. The moat is AXON's feedback loop: more ads bring more data and better predictions, at a scale rivals struggle to copy. Risks are real: e-commerce must prove itself, and Unity is a legal and competitive threat. It is on a falling-knife watchlist, not a buy just because it fell; 2030 cases are $225 bear, $600 base, $1,000 bull. … Show more

The market is badly wrong about AppLovin, which is down almost 60% over the past year while the business keeps growing. Revenue is up 52.8% year over year, the stock trades at 16x forward earnings, and the company is expanding beyond mobile gaming ads. x.com 

AppLovin's ad yield engine has run out of gas, setting up the same structural decay that hit The Trade Desk as ad spend consolidates into walled gardens. Conversion rates stalling around 1.4%, delayed AI rollouts and mounting litigation point to a fundamental tailspin that Piper Sandler's cautious call understates. Being down 60% this year is not a bottom; buying here is catching a falling knife on a broken narrative. x.com 

AppLovin is opening its Axon ad platform to all advertisers via self-serve from June 2026, extending its gaming playbook to a non-game consumer app market several times larger. Consumer ads such as e-commerce have already overtaken gaming, and April set a record for monthly advertiser spend. Q1 free cash flow was $1.29bn, with $1bn spent on buybacks. Q2 revenue guidance is $1.915-1.945bn at 84-85% EBITDA margins, so most incremental revenue drops to profit. x.com