Sakura Research thinks that Applovin is a company with a large number of red flags.
This opinion piece is for informational and educational purposes only.
Sakura Research does not have any trading position on APP.

Applovin Corp (a NASDAQ 100 company)
NASDAQ: APP
Diluted market cap: ~US$140B

Applovin was a top performing stock on Nasdaq in 2024 and its CEO Arash Foroughi was the among the 10 highest paid CEOs in 2023. Impressed by its late 2024 share performance, we studied the 2024 Glassdoor reviews by employees of APPLOVIN. Then we started digging. While doing our research, the first publication by Lauren Balik came online. In the past few weeks, Lauren Balik at The Captain’s Log and Edwin Dorsey at The Bear Cave have uncovered more critical issues with APPLOVIN products and operations.

APPLOVIN’s finances, disclosures, overseas subsidiaries, and overseas operations raise many questions and require clarifications and transparency from APPLOVIN, as well as potential investigation by regulators.

Read our full report here, together with the 2023 financials of Applovin Singapore subsidiary (BRN 202315459Z).

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