--- title: "AppLovin's Axon now takes 53% of iOS ad revenue while the stock sits at a 52-week low" description: "Tenjin's Q3 benchmark gives AppLovin's bulls their best exhibit yet: 53% of iOS ad revenue and first place on Android, while the stock sits at a 52-week low. Investors must decide before the November 16 class-action deadline and the Q3 print whether Axon's growth is self-learning or engineer-directed." publisher: "The Inference" section: "Applications" published: 2026-10-25T14:12:20.010Z modified: 2026-10-25T14:12:20.010Z canonical: https://theinference.org/article/applovin-s-axon-now-takes-53-of-ios-ad-revenue-while-the-stock-sits-at-a-52-week-low language: en keywords: "AppLovin, Ad Tech, Digital Advertising, Class Action, Stocks" --- # AppLovin's Axon now takes 53% of iOS ad revenue while the stock sits at a 52-week low > Tenjin's Q3 benchmark gives AppLovin's bulls their best exhibit yet: 53% of iOS ad revenue and first place on Android, while the stock sits at a 52-week low. Investors must decide before the November 16 class-action deadline and the Q3 print whether Axon's growth is self-learning or engineer-directed. [AppLovin](https://theinference.org/markets/companies/applovin) now takes more than half of the iOS ad revenue measured by analytics firm Tenjin, and it just took first place on Android too. The stock [closed at a 52-week low of $260.50 on October 23](https://www.investing.com/news/company-news/applovin-stock-hits-52week-low-at-2605-usd-93CH-4969683) [3], down more than half this year [1]. The market is not disputing the share gains; it is disputing the growth machine behind them, and with a [November 16 class-action deadline](https://www.prnewswire.com/news-releases/app-investor-deadline-applovin-corporation-investors-with-substantial-losses-have-opportunity-to-lead-shareholder-class-action-302913987.html) and a Q3 print ahead, that question has to be answered now [3][1]. ## The machine works; the belief in it does not Here is the chain. AppLovin's AI recommendation system, [Axon](https://theinference.org/markets/companies/axon), decides which ad each user sees. Better ad-to-user matching raises advertisers' return on spend, so they shift budgets onto the platform; in June 2026 AppLovin opened that platform to all advertisers under the AppLovin Ads name [1]. [Tenjin's Q3 benchmark, published October 24](https://startupfortune.com/applovin-now-controls-53-of-ios-ad-revenue-even-as-its-stock-craters/), is the first third-party check since that launch, and it shows the machine working: 53% of iOS ad revenue in its dataset, up from 44%, and the top Android position at 29% [1]. That matters for app developers and marketers, because one company now sets the effective price of reaching users at scale on both platforms. The P&L agrees with the share data. Revenue grew from $835 million in the third quarter of 2024 to $1.92 billion in the second quarter of 2026, at an 84% adjusted EBITDA margin [1][4]. *Chart: **AppLovin's revenue has more than doubled in two years** AppLovin quarterly revenue rising from $835 million in Q3 2024 to $1.92 billion in Q2 2026* *AppLovin quarterly revenue, USD billions, Q3 2024 through Q2 2026, from its SEC filings. [4]* ## What the market refuses to believe The class action, with its lead-plaintiff deadline on November 16, is about the link above the model: whether Axon largely improves itself [2]. [We reported the quotes at the center of that suit when it surfaced](https://theinference.org/article/a-class-action-tests-whether-applovin-s-ai-improved-itself-on-the-schedule-it-sold) [2]; what is new since is Tenjin's print, six firms cutting price targets between October 8 and October 19, and the deadline itself. In May, CEO [Adam Foroughi](https://theinference.org/markets/people/adam-foroughi) called a new model's uplift "quite substantial" and pointed to a "big acceleration" [2]. In August, management said the pace of meaningful model improvement was lighter than normal [2]. ## A downgrade, a cheap multiple and a test in the guidance [Bank of America](https://theinference.org/markets/companies/bank-of-america)'s downgrade argues growth is engineer-directed, not self-learning [1]. A flywheel that needs engineers is still a good business, and it is priced like one, at about 15 times forward earnings against a five-year average near 26 [1]. Q3 guidance of $2.055 to $2.085 billion in revenue will show which story holds [1]. The position, plainly: the share data and the P&L make AppLovin a strong business at a discounted price, and the lawsuit attacks the flywheel claim, not the machine's output. The engineers, not self-learning, now carry the burden of proof. Tenjin itself cautions its shares describe its dataset, not the whole market [1]. ## Takeaway Tenjin's benchmark shows AppLovin's ad machine winning share on both platforms while the stock trades at about 15 times forward earnings; the dispute is over whether Axon improves itself or needs engineers, and Q3 revenue guided to $2.055 to $2.085 billion plus the November 16 class-action deadline will start to settle it. ## Sources 1. [Startup Fortune, AppLovin now controls 53% of iOS ad revenue even as its stock craters, 25 October 2026](https://startupfortune.com/applovin-now-controls-53-of-ios-ad-revenue-even-as-its-stock-craters/) 2. [PR Newswire / Hagens Berman, AppLovin Corporation investors with substantial losses have opportunity to lead shareholder class action, 20 October 2026](https://www.prnewswire.com/news-releases/app-investor-deadline-applovin-corporation-investors-with-substantial-losses-have-opportunity-to-lead-shareholder-class-action-302913987.html) 3. [Investing.com (Reuters), AppLovin stock hits 52-week low at 260.5 USD, 23 October 2026](https://www.investing.com/news/company-news/applovin-stock-hits-52week-low-at-2605-usd-93CH-4969683) 4. [AppLovin, quarterly figures from its SEC filings, retrieved 25 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001751008) --- AppLovin's Axon now takes 53% of iOS ad revenue while the stock sits at a 52-week low — The Inference. Canonical: https://theinference.org/article/applovin-s-axon-now-takes-53-of-ios-ad-revenue-while-the-stock-sits-at-a-52-week-low