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Core Viewpoint - AppLovin, a leading programmatic advertising company, faced a significant stock drop of 20% after a short-selling report by Muddy Waters, which accused the company of data theft and violating platform service terms, leading to a potential risk of being delisted [1][3][4]. Financial Performance - In Q4 2024, AppLovin reported revenues of $1.373 billion, a 44% year-over-year increase, with adjusted EBITDA of $848 million, up 78% [7]. - The company's net profit reached $599 million, reflecting a 247.9% increase compared to the previous year [7]. - For Q1 2025, AppLovin expects revenues between $1.36 billion and $1.86 billion, representing a year-over-year growth of 28.1% to 30.9% [7]. Stock Market Reaction - Following the short-selling report, AppLovin's market capitalization dropped by approximately $22.4 billion to $89 billion, marking the largest single-day decline since its IPO [2][6]. - Despite the recent negative reports, Wall Street analysts largely maintain a positive outlook on AppLovin, with 21 buy ratings and only one sell rating [6]. Business Strategy and Focus - AppLovin is transitioning its focus from app development to advertising, officially renaming its software business to advertising [7][8]. - The company is considering selling its mobile gaming division, estimated at $900 million, to further concentrate on its advertising business [8]. AI Integration and Future Outlook - AppLovin's AI advertising engine, Axon, is enhancing the efficiency of ad placements, with plans to develop more self-service and automated tools for advertisers by 2025 [8]. - The integration of AI in programmatic advertising is expected to improve cost efficiency and targeting precision, indicating a promising growth trajectory for the industry [9].