AppLovin shares have fallen 52.71% year-to-date to $310.95 after a Q2 revenue miss, yet the company posted 52.82% revenue growth to $1.92 billion and an 84% adjusted EBITDA margin. Management attributed the shortfall to timing, with CEO Adam Foroughi saying the next model-performance step-up landed just after quarter end, and guided Q3 revenue to $2.055 billion to $2.085 billion, implying 46% to 48% growth. The stock trades at 21x forward earnings with $3.05 billion in cash and a $1.8 billion remaining buyback authorization, while Wall Street's consensus target is $559. Insider selling has been notable, with director Eduardo Vivas offloading over $82 million in June and CEO Foroughi selling roughly $14.6 million at prices between $473 and $516.
