美股互联网传媒行业跟踪报告（二十六）：电商广告拓展下AppLovin25Q1业绩超预期，出售游戏业务全面转型

Investment Rating - The report maintains a "Buy" rating for the internet media industry, indicating an expected investment return exceeding 15% over the next 6-12 months [6]. Core Insights - AppLovin's Q1 2025 performance exceeded market expectations with revenue of $1.48 billion, a 40% year-over-year increase, and a net profit of $576 million, reflecting a profit margin of 39% compared to 22% in Q1 2024 [1]. - The advertising segment showed strong growth, with advertising revenue reaching $1.159 billion, a 71% increase year-over-year, driven by the AI-powered advertising engine Axon 2 and improvements in the App Discovery platform [2]. - The company is focusing on diversifying its growth engines, particularly in e-commerce advertising, which is projected to be over ten times the size of its mobile gaming opportunities [3]. - AppLovin has sold its mobile gaming business for $400 million, allowing it to concentrate on its core advertising solutions and AI capabilities [4]. - The Q2 2025 guidance is optimistic, with expected advertising revenue between $1.195 billion and $1.215 billion, and an adjusted EBITDA of $970 million to $990 million [5]. Summary by Sections Financial Performance - Q1 2025 revenue was $1.48 billion, surpassing Bloomberg's consensus estimate of $1.38 billion, with a year-over-year growth of 40% [1]. - Net profit for Q1 2025 was $576 million, exceeding expectations, with an adjusted EBITDA of $1.01 billion, marking an 83% year-over-year increase [1]. Advertising Business - The advertising segment generated $1.159 billion in revenue, a 71% increase year-over-year, with an adjusted EBITDA of $943 million, up 92% [2]. - The Axon 2 engine significantly boosted advertising spending on the AppLovin platform, increasing it approximately fourfold since its launch [2]. Strategic Initiatives - The company aims to expand its e-commerce advertising business, achieving over $1 billion in client spending in a short period [3]. - AppLovin's monthly active payers decreased by 16.7% to 1.5 million, but average revenue per paying user increased to $52 from $48 in Q1 2024 [3]. - The company is exploring a partnership with TikTok to enhance advertising revenue through AI integration [3]. Business Transformation - The sale of the mobile gaming business allows AppLovin to focus on high-margin advertising products and services [4]. - The company retains a 20% equity stake in Tripledot Studios, providing potential long-term benefits from the gaming industry [4]. Future Outlook - The Q2 2025 guidance projects advertising revenue of $1.195 to $1.215 billion, with an adjusted EBITDA margin of 81% [5]. - Continued investment in AI and web-based advertising markets is expected to drive future growth [5].