APP 1Q25:Only the Turnaround of a Good Company Counts as a Real Turnaround

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On Tuesday, we released an Applovin preview and extensively explained why Apple's third-party payment policy would significantly benefit Applovin, potentially making it the biggest beneficiary of this change.

Over the past quarter, I've written numerous rebuttals to Applovin short reports, conducted research on gaming client responses to these reports, investigated e-commerce companies' reactions, researched budget adjustments before and after tariff changes, and carefully analyzed how the removal of Apple's tax would impact the gaming advertising industry. Frankly, the pressure has been immense due to conflicting perspectives. For detailed information, please refer to our previous research notes.

Our regular readers know we prefer sharing our perspectives and interview summaries before earnings releases. Rather than diving deep into Applovin's performance summary, I'd like to discuss other matters.

I want to share three stories and some personal experiences. I've worked in the hedge fund industry since 2018, and before that, I worked at three Big Tech companies. I've held various positions: product manager, recommendation algorithm specialist, project manager, growth hacker, and strategy manager. This explains my extensive analyses of tech companies and deep understanding of the AdTech industry.