美股异动丨AppLovin盘前跌5.7%，强劲业绩表现仍未缓解市场恐慌情绪，遭小摩下调目标价至500美元

Core Viewpoint - AppLovin's strong Q4 performance contrasts with market sentiment, leading to a pre-market drop in stock price despite exceeding earnings expectations [1] Financial Performance - AppLovin reported Q4 revenue of $1.66 billion, a 66% year-over-year increase, surpassing analyst expectations of $1.6 billion [1] - Adjusted EBITDA rose by 82% year-over-year to $1.4 billion, with an EBITDA margin of 84% [1] - Earnings per share reached $3.24, exceeding the analyst forecast of $2.95 [1] Market Reaction - Following the earnings announcement, JPMorgan reduced AppLovin's target price from $650 to $500 [1] - Piper Sandler also lowered its target price from $800 to $650 [1] Management Commentary - CEO Adam Foroughi emphasized the disconnect between market sentiment and the company's actual performance, highlighting the increasing scarcity of traffic distribution capabilities due to AI-driven content explosion [1] - He noted that increased bidding density is expected to enhance platform revenue [1]