June pixels show no GA inflection yet; lead-gen opens new addressable verticals

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June pixels show no GA inflection yet; lead-gen opens new addressable verticals

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AppLovin

June pixels show no GA inflection yet; lead-

gen opens new addressable verticals

Reiterate Rating: BUY | PO: 705.00 USD | Price: 506.98 USD

June pixels slowed; GA not yet visible in footprints 13 July 2026

Per Store Leads, AppLovin’s eCommerce footprint expanded at a slower pace in June, Equity

adding ~750 new pixels, compared to ~950 net adds in May; merchant count reached

~8,300. Weekly data has not shown a clear uptick since AppLovin opened to all eComm

Key Changesadvertisers on 6/22, suggesting a muted GA start. Installs and uninstalls both rose in the

first week after launch, indicating advertisers were actively testing the platform. Given (US$) Previous Current

the data covers only the first two weeks of GA, we feel it is still too early to extrapolate 2026E Rev (m) 8,607.1 8,478.8

the near-term trend. We think it is unlikely that early GA testers contributed to revenue. 2027E Rev (m) 12,317.2 12,061.9

Meanwhile, Northbeam data (which skews to larger advertisers) points to M/M loss in 2028E Rev (m) 15,889.3 15,557.3

AppLovin’s wallet share in June, while Haus data showed wallet share steady. 2026E EPS 17.48 17.17

2027E EPS 26.05 25.44

2028E EPS 34.36 33.57Marketing push and lead-gen widen advertiser funnel

AppLovin appears to have stepped up brand-awareness efforts, including ads on

YouTube and Meta platforms, which should help attract long-tail merchants previously Omar Dessouky, CFA

Research Analyst

ineligible to join. In addition, the new Lead buying product extends AppLovin’s BofAS

addressable market into advertiser verticals such as auto insurance, health insurance, +1 646 855 0686 omar.dessouky@bofa.com