AppLovin reported second-quarter 2025 revenue of $1.26 billion, up 77% from a year earlier and broadly in line with Wall Street’s $1.28 billion consensus. Adjusted earnings climbed to $2.39 a share, beating the $1.95 analysts expected, while net income from continuing operations reached roughly $800 million. Profitability continued to expand: adjusted EBITDA more than doubled to about $1.02 billion, pushing the margin to roughly 81% and marking the company’s first quarter above the $1 billion threshold. AppLovin converted 61% of revenue into free cash flow, generating $768 million, and used excess cash to retire $200 million of debt. For the third quarter, the mobile-advertising platform projects revenue of $1.32 billion to $1.34 billion and adjusted EBITDA of $1.07 billion to $1.09 billion, both ahead of current analyst estimates. Despite the earnings beat and raised outlook, the shares fell about 7% in late trading as investors weighed the slight top-line shortfall against heightened growth expectations.