Added to YB: 2025-02-12
Pitch date: 2025-02-10
APP [bearish]
AppLovin Corporation
+19.09%
current return
Author Info
The Captain's Log is run by Lauren Balik and shares independent investment research (mostly shorts). Sign up for the newsletter.
Company Info
AppLovin Corporation provides end-to-end artificial intelligence-powered advertising solutions for businesses in the United States and internationally.
Market Cap
$105.6B
Pitch Price
$381.60
Price Target
N/A
Dividend
N/A
EV/EBITDA
19.51
P/E
24.25
EV/Sales
15.53
Sector
Media
Category
N/A
AppLovin (APP) Has a ‘SuperBad’ Third-Party Gift Card Scheme Fueling Growth
APP short: Cash cow games (13% rev) use 'Get-Paid-To' schemes, subsidizing IAPs 1:1 with gift cards. E-commerce narrative unsustainable as users play to earn, not spend. Competing with Meta/Google/TikTok risks acquisition channel loss. Revenue growth inflated by gift card giveaways. Major shareholder selling. Strong sell.
Read full article (10 min)