Review|APP 26Q3: From Being Caught Off Guard to Responding Effectively

I. APP results at a glance

Revenue of $2.185bn, up 13.6% QoQ and 55% YoY, 4.8% above the high end of guidance.
Adjusted EBITDA of $1.842bn, up 59% YoY, with an 84% margin. Incremental EBITDA margin was 87% QoQ.
The company repurchased and withheld a total of 4.1 million shares for $1.4bn, a substantial increase from the previous quarter.
4Q26 revenue guidance of $2.365bn to $2.395bn, implying 8.9% QoQ and 43.6% YoY growth at the midpoint; adjusted EBITDA guidance of $1.995bn to $2.025bn, with a margin of 84% to 85%.