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  "documentTitle": "AppLovin (APP)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2025-03-27 00:00:00",
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  "notes": "The slide uses a specific methodology of tracking pixel presence on customer websites to infer churn.",
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      "text": "This churn rate is based only on those customers who removed the pixel. We are aware of customers who stopped spending on APP, but who have not yet removed the pixel.",
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      "text": "churn rate: 22.6%",
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      "text": "On Jan 3, we found 776 customers' websites that contained the Axon pixel. In March, we found 21 sites with broken links, reducing the number of original active sites to 755. Of these, 171 no longer contained the pixel, indicating a churn rate of at least ~22.6%.",
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      "text": "To understand churn, we scanned the web for e-commerce trial customers having APP's Axon pixel. We originally conducted a search on Jan 3, 2025. To analyze churn, we re-ran checks on these same customers on March 24-26, 2025.",
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      "text": "APP's CEO reportedly claimed APP experienced \"no churn\" among its e-commerce beta customers.",
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      "text": "1 APP Note from our CEO... 2 March 2025 sell-side research report.",
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      "text": "AppLovin Churn Analysis table showing calculation of 22.6% churn rate.",
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      "text": "~22.6% of APP's E-commerce Customers Appear to Have Churned in Q1 2025",
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