Strong Revenue Growth: AppLovin reported a significant year-over-year revenue increase of 77%, reaching approximately $1.260 billion in Q2 2025. Adjusted EBITDA nearly doubled to $1.020 billion, achieving an impressive 81% adjusted EBITDA margin, driven primarily by the core gaming advertising business.

Market Expansion and New Platform Launch: The company is set to launch its self-service AXON ads manager on October 1, 2025, which will allow for greater accessibility and efficiency for advertisers. This expansion aims to tap into both U.S. and international markets, transitioning from a primarily gaming-centered focus to include e-commerce and other verticals, with ambitions for sustained 20%-30% year-over-year growth.

Manageable Challenges in E-commerce Segment: Although e-commerce is expected to be a growing portion of the business, the company has restricted onboarding of new e-commerce clients to refine its platform, which temporarily limited growth rates. Currently, e-commerce represents around 10% of revenue, with expectations for growth as the platform is improved and expanded.