AI全球速递：从ApplovinFY25Q1财报看AI+程序化广告产业趋势

Investment Rating - The investment rating for the industry is "Positive" and is maintained [7] Core Insights - In Q1 2025, the company achieved revenue of $1.484 billion, a year-on-year increase of 40%. Adjusted EBITDA was $1.005 billion, reflecting an 83% year-on-year growth. The advertising business revenue reached $1.159 billion, up 71% year-on-year, with adjusted EBITDA of $943 million, a 92% increase year-on-year. The strong performance was primarily driven by AI technology, increased demand from advertisers, and expansion in online advertising [2][5][10] - The company expects Q2 2025 advertising revenue to be between $1.195 billion and $1.215 billion, with adjusted EBITDA projected at $970 million to $990 million. The focus will shift more towards advertising business following the sale of its gaming business [5][10] - The company plans to continuously improve its AI machine learning models, expand its e-commerce advertising client base, and enhance automated ad creation and testing, further concentrating on its advertising business [2][10] Summary by Sections Financial Performance - For Q1 2025, the company reported revenue of $1.484 billion, exceeding the consensus estimate of $1.38 billion. Adjusted EBITDA was $1.005 billion, surpassing the expected $871 million. The advertising segment's revenue was $1.159 billion, above the forecast of $1.047 billion [10] - The company anticipates a long-term growth rate of 20-30%, with continuous learning from its models contributing approximately 3-5% to this growth [10] Strategic Focus - The company is strategically focusing on enhancing its AI capabilities to improve ad targeting efficiency and is actively expanding its e-commerce advertising segment, which is expected to account for over 10% of total ad revenue in the future [10] - The report suggests monitoring other AI-enabled programmatic advertising companies, such as 易点天下, which also leverage AI in their core business [2][10]