Applovin(US:APP) 美股IPO·2026-02-12 00:54Core Viewpoint - Applovin's strong performance demonstrates that the market's fears regarding the "software apocalypse" triggered by AI agents are exaggerated, and that platform software giants focusing on "AI + core operations" will benefit from AI rather than be replaced by it [1][3][9]. Financial Performance - For Q4 2025, Applovin reported total revenue of approximately $1.658 billion, exceeding Wall Street's revised expectations of about $1.61 billion, representing a significant year-over-year growth of 66% [4][5]. - The company's net income for Q4 was approximately $1.102 billion, a substantial increase of 84% year-over-year, with a GAAP EPS of $3.24, surpassing the average analyst expectation of $2.96 [4][5]. - For the full fiscal year 2025, Applovin's total revenue reached about $5.481 billion, a 70% increase from 2024, with net income of approximately $3.334 billion, reflecting a 111% growth [5]. Future Outlook - Applovin's management anticipates Q1 2026 total revenue in the range of $1.745 billion to $1.775 billion, which is significantly higher than the average analyst expectation of around $1.7 billion [6]. - The company has successfully integrated generative AI and deep machine learning into its advertising technology, enhancing revenue and profit growth through its AXON 2.0 engine and MAX/AppDiscovery [6]. Market Context - The software sector has faced significant sell-offs, with the S&P 500 Software and Services Index dropping about 13% since late January, erasing nearly $1 trillion in market value [7]. - Despite fears of AI undermining traditional SaaS models, there is a growing narrative that platform software companies may experience enhanced efficiency and stronger unit economics due to AI [7][9]. Strategic Implications - Companies that manage critical enterprise workloads are likely to benefit from AI technologies, as opposed to being entirely replaced, reinforcing the long-term bullish logic for these platform software firms [9][12]. - Analysts suggest that high-quality software companies embracing AI represent a buying opportunity during market corrections, as they are expected to rebound strongly [11][12].