APP
Review|APP 1Q26: Management Guides E-commerce to ~20% of U.S. Revenue, +25% QoQ
Mo
E-comm up +25% QoQ to ~20% of U.S. rev; EU GA in June and model lift support ~60% YoY growth.
Quick Take
- Revenue grew +59% YoY, in line with the bogey but ~3% below our estimate.
- 2Q26 revenue guide implies +56% YoY; applying a typical beat cadence points to ~+60% YoY, consistent with our model.
- Management called out e-commerce +25% QoQ in 2Q26, with April marking a record month — precisely in line with our Preview, where we flagged +23% QoQ and noted that April e-commerce ad spend had reverted to Black Friday–level run-rates.
- No signs of deceleration in the Gaming vertical.
- E-commerce global GA slated for June.
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