AppLovin: 40% Growth Rate Is Sustainable

2026-03-28 06:50:01 ET

By Nicholas Tan, Investment Research Analyst @ Khaveen Investments

In our previous analysis of AppLovin ( APP ), we expected its growth outlook to remain robust, driven by continued improvements to its AXON 2.0 ML engine. We further believe that the fast growth of the in-app advertising market would support its growth outlook, as we project its critical growth driver (app spending per year) would grow with a 3.9% CAGR. We expected the company to maintain its robust competitiveness in high fill rates and eCPM. We further believed that its App segment and platform synergies, such as cross-network advertising and software access to in-app user data, would support its growth outlook. Since our last coverage, the company has divested its Apps segment for $900 million on June 30th, 2025 , and was aimed at streamlining its operations away from game development....

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