每经记者｜宋欣悦 每经编辑｜何小桃 兰素英 ① 【三大期指齐涨】截至发稿，道指期货涨0.25%、标普500指数期货涨0.28%、纳指期货涨0.22%。 ② 【存储概念股盘前上涨，闪迪涨超7%】存储概念股盘前上涨。截至发稿，闪迪涨超7%，美光科技涨近4%，西部数据、希捷科技涨超3%。消息面上， 日本存储巨头铠侠业绩显示，公司2025财年Q3净利润为878.1亿日元，全年利润指引高出预期。 ③ 【中概股普跌】中概股盘前普跌。截至发稿，阿里巴巴跌1.0%，拼多多跌0.3%，百度跌1.2%，京东跌1.6%。 ④ 【大摩：100GW光伏计划或将特斯拉能源业务估值提升多达500亿美元】摩根士丹利在本周发布的一份最新研报中指出，特斯拉规划建设100GW垂直 整合光伏制造产能的计划，可能使其能源业务估值提升多达500亿美元。但该公司需要大力投资才能实现这一目标。 校对|段炼 ⑤ 【季度毛利率低于预期，思科跌近8%】思科盘前跌近8%。消息面上，思科预计，公司第三财季的调整后毛利率为65.5%至66.5%，而分析师此前的平 均预期为68.2%。 ⑥ 【"华尔街之狼"重仓押注Meta约20亿美元】被誉为"华尔街之狼"的比尔·阿克曼 ...

Corporate Earnings and Market Reactions - Corporate earnings continue to attract investor attention, with notable results from companies like Restaurant Brands, Birkenstock, Howmet Aerospace, and Exelon [9] - AI-driven disruption is impacting companies, leading markets to penalize sectors perceived to face increased competition [9][10] - Software shares have been declining, with brokerage firms also reporting losses [10] Company-Specific Developments - AppLovin shares fell by 4.8% after disappointing fourth-quarter results, losing nearly a third of their value in the first six weeks of the year due to rising competition [6][10] - Cisco shares dropped 8% in premarket trading after reporting a quarterly adjusted gross margin that fell below expectations [6][10] - Applied Materials shares decreased by 1% following a $252 million settlement with the U.S. Department of Commerce for illegally exporting chipmaking equipment to China [8][10] Trade Relations - The U.S. and China may extend their trade truce for up to a year, with a meeting between President Trump and President Xi Jinping anticipated in early April [7][10] - The U.S. House of Representatives has narrowly supported a measure disapproving of Trump's tariffs on Canada, aiming to terminate the use of a national emergency for imposing punitive trade measures [7][10]

AppLovin公司公布第四季度业绩后，其股价在盘前交易中下跌5.8%。 来源：滚动播报 ...

NEW YORK (AP) — U.S. stocks fell sharply Thursday as the market punished companies seen as potential losers from artificial-intelligence technology. The S&P 500 sank 1.6% for its second-worst day since Thanksgiving, though it’s still near its all-time high set late last month. The Dow Jones Industrial Average dropped 669 points, or 1.3%, and the Nasdaq composite fell 2%. AppLovin lost nearly a fifth of its value and tumbled 19.7%, even though it reported a stronger profit for the latest quarter than ana ...

财报显示，AppLovin Q4营收16.6亿美元（+66%）及EBITDA利润率（84%）均超预期，但因市场担忧AI颠覆及Meta竞争，股价盘后大跌。公司CEO 强硬回应称市场情绪与现实脱节，强调AI带来的内容爆发将使公司的流量分发能力更加稀缺，并指出竞价密度的增加反而提升了平台收益。 在一份堪称"完美"的成绩单面前，华尔街却选择了抛售，这迫使"AI应用热股"AppLovin CEO在电话会上直言："市场情绪与我们的业务现实之间存在严 重的脱节。" 2月11日，"AI应用热股"、移动营销技术公司AppLovin发布了2025年第四季度及全年财务报告。尽管核心财务指标全面碾压华尔街预期，且给出的2026 年一季度指引依旧强劲，但受市场对AI颠覆游戏开发及巨头竞争的担忧影响，公司股价在盘后交易中大幅下挫。 业绩炸裂：利润率比肩顶级SaaS，指引暗示高增长持续 财报显示，AppLovin第四季度营收达到16.6亿美元，同比增长66%，高于分析师预期的16亿美元；每股收益（EPS）为3.24美元，同样击败了华尔街 共识预期的2.95美元。 更为亮眼的是其盈利能力，调整后EBITDA（息税折旧摊销前利润）达到14亿美 ...

Core Viewpoint - Despite delivering strong financial results that exceeded Wall Street expectations, AppLovin's stock price fell significantly due to market concerns about AI's impact on game development and competition from tech giants [2][5]. Financial Performance - AppLovin reported Q4 revenue of $1.66 billion, a 66% year-over-year increase, surpassing analyst expectations of $1.6 billion; EPS was $3.24, exceeding the consensus estimate of $2.95 [4]. - Adjusted EBITDA reached $1.4 billion, up 82% year-over-year, with an impressive EBITDA margin of 84% [4][14]. - For Q1 2026, the company expects revenue between $1.745 billion and $1.775 billion, indicating a 5% to 7% sequential growth, with EBITDA margin expected to remain at 84% [4][16]. Market Concerns - Analysts expressed concerns regarding AI tools like Google's "Project Genie" potentially disrupting the gaming industry and competition from Meta in the advertising space [5]. - AppLovin's CEO Adam Foroughi countered these fears by highlighting the company's strong operational performance driven by its own AI models, asserting a disconnect between market sentiment and business reality [5][10]. Competitive Landscape - Foroughi argued that increased competition, including from Meta, could actually benefit AppLovin by expanding the overall market rather than diminishing its share [6][11]. - The CEO emphasized that the company's unique business model allows it to thrive in a competitive environment, as it charges a fee on winning bids rather than competing for low-value impressions [6][11]. E-commerce Expansion - AppLovin is expanding into e-commerce, with a self-service platform launched in Q4, showing substantial growth in existing customer spending [7][38]. - A case study highlighted a client that grew revenue from $4 million to $16 million using AppLovin's platform, showcasing the company's ability to support small businesses [7][38]. Capital Allocation and Stock Buybacks - The company executed an aggressive stock buyback strategy, repurchasing approximately $2.58 billion worth of shares in 2025, with $2.5 billion in cash remaining on its balance sheet [7][15]. - Foroughi expressed confidence in the company's long-term growth potential, stating that if the market undervalues its stock, the company will focus on execution and let results speak over time [7][15].

Core Viewpoint - Paycom Software forecasts annual revenue for 2026 below Wall Street expectations, leading to a decline in its shares by over 7% in extended trading [1] Company Summary - Paycom Software, a payroll software maker, reported a forecasted revenue range of $2.18 billion to $2.20 billion for 2026, which is below the analysts' average estimate of $2.23 billion [1] - The company reported revenue of $544.3 million for the fourth quarter ended December 31, exceeding analysts' estimates of $543 million [1] Industry Summary - The human capital management market is becoming increasingly competitive, with Paycom facing rivals such as ADP, Paylocity, and Workday [1] - Macroeconomic challenges are impacting new customer acquisition for Paycom, as businesses are delaying or reducing HR and payroll software purchases due to tighter budgets [1] - A slowdown in hiring or job cuts among small- and medium-sized businesses, which are Paycom's core clients, could pose additional challenges [1]

Core Insights - AppLovin missed fourth-quarter revenue estimates, reporting sales of $1.66 billion compared to the expected $1.70 billion, indicating weak demand for its advertising services amid rising competition and a challenging macroeconomic environment [1][1][1] - The company's net income for the fourth quarter increased by 84% to $1.10 billion, showcasing strong profitability despite revenue shortfalls [1][1][1] - AppLovin forecasts first-quarter sales between $1.75 billion and $1.78 billion, exceeding analysts' estimates of $1.67 billion, suggesting a potential rebound in demand [1][1][1] Industry Context - The advertising landscape is becoming increasingly competitive, with major players like Meta Platforms aggressively bidding for advertising space, which may lead to higher ad prices and compressed margins for companies like AppLovin [1][1][1] - A cautious spending environment is emerging as businesses prioritize investments in artificial intelligence and essential applications over traditional advertising expenditures, impacting demand for advertising services [1][1][1]

Core Insights - The advertising company reported a significant revenue increase of 66%, reaching $1.66 billion compared to $599.2 million in the previous year [1] Financial Performance - Revenue surged to $1.66 billion, marking a 66% increase year-over-year [1] - Previous year's revenue was reported at $599.2 million [1]

As you can see on the chart below, the $466 level has been important for AppLovin.Last August, it was resistance. After reaching this resistance, the shares rolled over and went lower.After this resistance broke in September, $466 converted into support. This happened because some of the people who sold shares at this price regretted it when the resistance broke, and the stock rose.Many of them decided to buy back their shares at the selling prices if they could. These buy orders that were placed buy these ...