--- title: "AppLovin reports November 4 with 53% growth and a securities suit at its back, Unity prints Thursday" description: "AppLovin prints Q3 on November 4 and Unity the next morning, 24 hours that test whether the AI ad engine's 53% growth is real, or leaking to the rival it is suing." publisher: "The Inference" section: "Applications" published: 2026-11-02T15:27:21.334Z modified: 2026-11-02T15:27:21.334Z canonical: https://theinference.org/article/applovin-reports-november-4-with-53-growth-and-a-securities-suit-at-its-back-unity-prints-thursday language: en keywords: "AppLovin, Unity Software, Adtech, Earnings, Legal" --- # AppLovin reports November 4 with 53% growth and a securities suit at its back, Unity prints Thursday > AppLovin prints Q3 on November 4 and Unity the next morning, 24 hours that test whether the AI ad engine's 53% growth is real, or leaking to the rival it is suing. [AppLovin](https://theinference.org/markets/companies/applovin) reports third-quarter results after the close on Wednesday, November 4 [2][3]. Twenty-four hours later, [Unity Software](https://theinference.org/markets/companies/unity) reports its own quarter [3]. The two rivals in AI-powered mobile advertising are meeting this week in the market and in court, and the numbers AppLovin puts up will be read as a verdict on whether its [Axon](https://theinference.org/markets/companies/axon) ad engine still deserves its premium. ## The stakes: a growth machine priced for perfection AppLovin built its business on Axon, an AI system that decides which ads to show and at what price. Second-quarter revenue hit $1.92 billion, up 53% year over year, with adjusted EBITDA up 58% to $1.61 billion, an 84% margin [1][2]. Management [guided Q3 revenue to $2.055–2.085 billion and adjusted EBITDA of $1.71–1.74 billion](https://www.ad-hoc-news.de/boerse/news/corporate-news/applovin-stock-heads-into-nov-4-results-with-usd-2-055b-guide/70442075) [2]. Growth has more than doubled revenue in two years, from $835 million in the third quarter of 2024 to $1.92 billion last quarter [5]. *Chart: **AppLovin revenue has more than doubled in eight quarters, and EBITDA has kept pace** Line chart of AppLovin quarterly revenue and adjusted EBITDA from Q3 2024 through Q2 2026, with the Q3 2026 guidance midpoint shown as an estimate* *Quarterly revenue and adjusted EBITDA in billions of US dollars from SEC filings via company_series; the Q3 2026 points are the guidance midpoints from management's forecast [2], marked as an estimate. [5][8][2]* ## The complication: a lawsuit says the model story was oversold On September 16, shareholder Stephen Talbot [filed a proposed securities class action in the Northern District of California](https://econotimes.com/AppLovin-Faces-Securities-Suit-Over-AI-Ad-Claims-as-Revenue-Climbs-53-1767240), naming AppLovin, CEO [Adam Foroughi](https://theinference.org/markets/people/adam-foroughi) and CFO [Matthew Stumpf](https://theinference.org/markets/people/matthew-stumpf) [1]. It alleges the company misrepresented how steadily its ad models were advancing and hid development setbacks in a planned generative AI video feature. The class period runs February 12 through August 5, 2026 [1]. The allegations have not been established in court, but the November 16 lead-plaintiff deadline is a fixed date that keeps the legal pressure on the calendar regardless [1]. On the August 5 call itself, Foroughi conceded: "Our pace of meaningful model improvement was lighter than normal during the quarter" [1]. ## The receipts: sentiment at 2022 lows while the guide rises BTIG, which keeps Buy ratings on both companies ($396 on AppLovin, $53 on Unity), reports investor sentiment on AppLovin has fallen to levels last seen in 2022 and 2023 on competition and take-rate concerns [3]. Its checks suggest gaming share held steady, but Unity has been reinvesting take-rate gains into spend and share of voice [3]. Wedbush cut its target to $560 from $610 while keeping Outperform [2]. The stock [closed October 29 at $228.50, down 10.36%](https://everyticker.com/quote/APP/analysis/applovin-nasdaq-app-the-ai-ad-tech-flywheel-is-fully-engaged-but-the-valuation-leaves-no-room-for-error) [4]. *Chart: **Even after cuts, analysts' targets sit far above the $228.50 close** Range chart comparing AppLovin's October 29 closing price with the price targets BTIG and Wedbush kept* *AppLovin's closing price on October 29 [4] against the price targets BTIG ($396) and Wedbush ($560) kept heading into the print [2][3]; both targets are analyst estimates, and Wedbush's was cut from $610. [2][3][4]* ## The counterpoint: the rival also has to prove it Unity reports Thursday morning with strong channel checks behind it, but BTIG notes only 25% of developers had adopted its D28 campaigns, ad campaigns that pay off based on how many users are still active 28 days after installing, as of the last call [3]. Q4 guidance is the open question [3]. AppLovin [sued Unity on October 2 over alleged unauthorized collection of MAX auction data](https://finance.yahoo.com/media-advertising/articles/applovin-app-sues-over-data-231113675.html) [4][6]; a San Francisco court declined to restrain Unity's Ad Quality SDK, leaving the uncertainty in place [7]. Neither side has landed a clean blow. Both must show it in revenue. ## What to watch Wednesday's print answers one question: does 53% growth survive a class action, a courtroom loss and a rising rival [1]? Thursday's answer is whether the growth is leaking to Unity. November 16 closes the lead-plaintiff window [1]. ## Takeaway AppLovin prints Q3 on November 4 and Unity the next morning: the two prints, the MAX lawsuit and the November 16 lead-plaintiff deadline will test whether 53% growth is real or leaking to the rival it is suing. ## Sources 1. [EconoTimes, AppLovin Faces Securities Suit Over AI Ad Claims as Revenue Climbs 53%, 2 November 2026](https://econotimes.com/AppLovin-Faces-Securities-Suit-Over-AI-Ad-Claims-as-Revenue-Climbs-53-1767240) 2. [ad-hoc-news.de, AppLovin stock heads into Nov. 4 results with USD 2.055B guide, 30 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/applovin-stock-heads-into-nov-4-results-with-usd-2-055b-guide/70442075) 3. [StreetInsider via Investing.com, AppLovin stock faces Unity competition concerns ahead of earnings, 2 November 2026](https://www.streetinsider.com/General+News/AppLovin+stock+faces+Unity+competition+concerns+ahead+of+earnings/27268470.html) 4. [EveryTicker, AppLovin (NASDAQ: APP): The AI Ad-Tech Flywheel Is Fully Engaged, But The Valuation Leaves No Room for Error, 29 October 2026](https://everyticker.com/quote/APP/analysis/applovin-nasdaq-app-the-ai-ad-tech-flywheel-is-fully-engaged-but-the-valuation-leaves-no-room-for-error) 5. [AppLovin quarterly figures from SEC filings, via company_series, retrieved 2 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001751008) 6. [Yahoo Finance (Simply Wall St), AppLovin (APP) Sues Over Data Collection In MAX Ad Auctions, 1 October 2026](https://finance.yahoo.com/media-advertising/articles/applovin-app-sues-over-data-231113675.html) 7. [ad-hoc-news.de, AppLovin's Autumn of Reckoning: Unity Ruling, Analyst Doubts, and a Fresh 52-Week Low, 4 October 2026](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/applovin-s-autumn-of-reckoning-unity-ruling-analyst-doubts-and-a-fresh-52-week-low/70226278) 8. [AppLovin, quarterly figures from its SEC filings, retrieved 2 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001751008) --- AppLovin reports November 4 with 53% growth and a securities suit at its back, Unity prints Thursday — The Inference. Canonical: https://theinference.org/article/applovin-reports-november-4-with-53-growth-and-a-securities-suit-at-its-back-unity-prints-thursday