APP

Review|APP 1Q26: Management Guides E-commerce to ~20% of U.S. Revenue, +25% QoQ

Mo·May 6, 2026

E-comm up +25% QoQ to ~20% of U.S. rev; EU GA in June and model lift support ~60% YoY growth.

Quick Take

  • Revenue grew +59% YoY, in line with the bogey but ~3% below our estimate.
  • 2Q26 revenue guide implies +56% YoY; applying a typical beat cadence points to ~+60% YoY, consistent with our model.
  • Management called out e-commerce +25% QoQ in 2Q26, with April marking a record month — precisely in line with our Preview, where we flagged +23% QoQ and noted that April e-commerce ad spend had reverted to Black Friday–level run-rates.
  • No signs of deceleration in the Gaming vertical.
  • E-commerce global GA slated for June.

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