美股互联网传媒行业跟踪报告（三十）：AppLovin营收和EBITDA维持高增长，电商业务长期潜力尚待释放

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 [4]. Core Insights - AppLovin's revenue and EBITDA continue to show high growth, with Q2 2025 revenue reaching $1.259 billion, a 77% year-over-year increase, although slightly below consensus expectations by 0.94%. Adjusted EBITDA was $1.018 billion, up 99% year-over-year, exceeding expectations by 2.12%. Net profit was $820 million, a 164% increase, surpassing expectations by 15.75% [1]. - For Q3 2025, AppLovin projects revenue between $1.32 billion and $1.34 billion, with a midpoint of $1.33 billion, which is 0.99% above consensus expectations. Adjusted EBITDA is expected to be between $1.07 billion and $1.09 billion, with a midpoint of $1.08 billion, exceeding expectations by 2.47% [1]. - The growth in revenue for Q2 2025 was primarily driven by game advertising, with the MAX market maintaining double-digit growth, significantly outpacing the in-app purchase game market. The platform has over 70% penetration among game advertisers, with stable re-investment from top clients [2]. - AXON, as a self-service core platform, has undergone significant upgrades and is expected to drive long-term growth in e-commerce, despite short-term pressures. Current annualized revenue from e-commerce is approximately $1 billion, with advertiser penetration below 1% [2]. - The report suggests that AppLovin's strong fundamentals in game advertising and high re-investment rates provide a solid foundation for growth, with a clear timeline for the rollout of AXON in international markets by October 2025 and a global launch in the first half of 2026 [3].