AppLovin sells gaming business for $400M cash and 20% equity; Q1 revenue up 40% YoY

AppLovin Corp

Q1 total revenue $1.48B (+40% YoY); Advertising revenue $1.16B (+71% YoY); Net income $576M (+144% YoY).
Q1 Adjusted EBITDA $1.005B (+83% YoY); Free Cash Flow $826M; repurchased $1.2B in stock.
Agreement to sell mobile gaming business to Tripledot for $400M cash ($150M at close + $250M note) and ~20% equity stake.
Apps (gaming) revenue declined 14% YoY to $325M; sale expected to close Q2 2025 pending regulatory approval.
Q2 guidance: Advertising revenue $1.195-$1.215B; Advertising Adjusted EBITDA margin ~81%.

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