Equities Americas Internet Services Chris Kuntarich 29 June 2025 ab Global Research US Internet App Install/Ecom Advertising Expert Call Takeaways Key Takeaway We spoke to an agency with visibility into ~$1B of ad spend which includes ~$650M of gaming user acquisition spend that is expected to grow 25% YoY in FY25 vs FY24 30% YoY. Regarding APP, 2Q gaming UA growth was better than expected while ecom related growth for the channel moderated and tone downticked vs our last conversation in March. Regarding Un ...