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AppLovin's Q1 Results, April Trends Show That Consumer Ads Are Gathering Momentum, Oppenheimer Says

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AppLovin's (APP) better-than-expected Q1 results as well as its April ad spend rising above any peak Q4 month are strong proof that the company's consumer ads are gathering momentum, Oppenheimer said in a Thursday note.

While Q2 is structurally the weakest quarter for the company, Oppenheimer said is expects consumer ads to further accelerate with the expansion of its ad technology in June, with AppLovin's management currently projecting over $70,000 in first-year ad spend for every new customer.

Oppenheimer said it is incrementally more confident on AppLovin's growth momentum in 2026 and beyond as mobile games' shift to hybrid monetization continues to remain a long-term tailwind for the industry.

The brokerage maintained its outperform rating with a $660 price target.

Price: $508.96, Change: $+40.13, Percent Change: +8.56%

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