$APP · Parkev Tatevosian, CFA 观点轨迹

《Why Is AppLovin Stock Falling, and is it a Buying Opportunity?》

AI 摘要 · 给予AppLovin买入评级，信心从中等上调至高度：按12.84倍市盈率、以及其354美元的贴现现金流公允价值对比264美元的股价来看，该股显得被低估，即便在自由现金流估算下调之后也是如此；增长依然强劲，第三季度营收增长47%，下一季度预计增长45%，营业利润率接近65%至70%，不过这相较投资者的期望已属放缓。并非稳赢之选。

在2025年经历了一轮迅猛上涨之后，AppLovin 的股票在2026年正面临艰难的一年，股价已下跌约50%。

After a meteoric rise in 2025, AppLovin stock is facing a tough year in 2026 as the stock price has fallen by about 50%.

公司最近公布了季度财务业绩，营收低于管理团队此前的预期。此外，管理团队向投资者表示，他们正在加大计算成本方面的投入，认为这将带来营收增长，同时改善其模型的表现，从而提升广告支出的回报率并创造更多收入，他们认为这是一个积极且良性的循环。

因此，他们愿意投入更高的成本、加大研发力度，以实现营收增长。

The company recently announced its quarterly financial results, with revenues coming in lower than the management team had anticipated. Furthermore, the management team stated to investors that they are investing in increased computing costs, believing that this will lead to increased revenues while improving the performance of their models, which will enhance the return on advertising expenditure and generate more revenue, which they consider a positive and constructive cycle.

Therefore, they are willing to invest in increased costs and intensify research and development efforts in order to achieve revenue growth.

核查原话与来源

Parkev Tatevosian, CFA 对 $APP 的判断变化