人工智能行业：Applovin24Q4业绩大幅超过预期，“AI+广告”商业模式持续跑通

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - In Q4 2024, Applovin achieved revenue of $1.372 billion, a year-on-year increase of 44$848 million, up 78% year-on-year. For Q1 2025, the company expects revenue between $1.355 billion and$1.385 billion, with adjusted EBITDA between $855 million and$885 million. The performance exceeded expectations primarily due to the rapid growth of e-commerce advertising driven by AI model optimization and seasonal factors, alongside steady progress in game advertising [2][4][5] - Applovin's successful execution in the e-commerce sector further demonstrates the potential of the "AI + Advertising" business model, indicating a fast adoption of AI in the industry. The company plans to focus on advertising by scaling back its application business and continuously optimizing AI technology to enhance advertising efficiency and precision [2][4][5] Summary by Sections Financial Performance - In Q4 2024, Applovin's revenue was $1.372 billion, a 44$848 million, reflecting a 78% growth. The advertising segment generated $999 million, a 73$777 million, up 85% [2][4][5] - For Q1 2025, Applovin anticipates revenue between $1.355 billion and$1.385 billion, with adjusted EBITDA expected to be between $855 million and$885 million. The advertising revenue is projected to be between $1.030 billion and$1.050 billion [2][4][5] Business Strategy - Applovin plans to shrink its application business and officially position itself as an advertising platform. The company aims to launch its AI-driven advertising technology engine, Axon 2.0, and develop more self-service and automation tools for advertisers [4][5] - The company’s strategy to divest from lower-margin game development and focus on advertising, supported by AI technology, is expected to drive sustained growth in performance [4][5] Market Opportunities - The rapid growth of e-commerce advertising and stable performance in game advertising, aided by the Axon model's optimization, positions Applovin favorably in the market. The company expects e-commerce advertising to become a significant revenue contributor in Q1 2025 [4][5] - The successful implementation of the "AI + Advertising" model opens up further commercialization opportunities in the advertising sector, suggesting a positive outlook for AI-enabled advertising companies [2][4][5]