财报、指引皆超预期，“AI应用热股”Applovin股价依旧大跌

Core Viewpoint - Despite delivering strong financial results that exceeded Wall Street expectations, AppLovin's stock price fell significantly due to market concerns about AI's impact on game development and competition from tech giants [2][5]. Financial Performance - AppLovin reported Q4 revenue of $1.66 billion, a 66% year-over-year increase, surpassing analyst expectations of $1.6 billion; EPS was $3.24, exceeding the consensus estimate of $2.95 [4]. - Adjusted EBITDA reached $1.4 billion, up 82% year-over-year, with an impressive EBITDA margin of 84% [4][14]. - For Q1 2026, the company expects revenue between $1.745 billion and $1.775 billion, indicating a 5% to 7% sequential growth, with EBITDA margin expected to remain at 84% [4][16]. Market Concerns - Analysts expressed concerns regarding AI tools like Google's "Project Genie" potentially disrupting the gaming industry and competition from Meta in the advertising space [5]. - AppLovin's CEO Adam Foroughi countered these fears by highlighting the company's strong operational performance driven by its own AI models, asserting a disconnect between market sentiment and business reality [5][10]. Competitive Landscape - Foroughi argued that increased competition, including from Meta, could actually benefit AppLovin by expanding the overall market rather than diminishing its share [6][11]. - The CEO emphasized that the company's unique business model allows it to thrive in a competitive environment, as it charges a fee on winning bids rather than competing for low-value impressions [6][11]. E-commerce Expansion - AppLovin is expanding into e-commerce, with a self-service platform launched in Q4, showing substantial growth in existing customer spending [7][38]. - A case study highlighted a client that grew revenue from $4 million to $16 million using AppLovin's platform, showcasing the company's ability to support small businesses [7][38]. Capital Allocation and Stock Buybacks - The company executed an aggressive stock buyback strategy, repurchasing approximately $2.58 billion worth of shares in 2025, with $2.5 billion in cash remaining on its balance sheet [7][15]. - Foroughi expressed confidence in the company's long-term growth potential, stating that if the market undervalues its stock, the company will focus on execution and let results speak over time [7][15].