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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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      "text": "Web traffic for 37 million unique users across five advertisers in Q1 2025 indicates that ~52% of e-commerce sales are retargeting.",
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      "text": "Web traffic for 37 million unique users across five advertisers in Q1 2025 indicates that ~52% of e-commerce sales are retargeting. This data informs our estimate that only ~25% to ~35% of APP's sales are incremental.",
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      "text": "APP's e-commerce beta advertisers appear to be churning. Our analysis of 776 advertisers active in early Q1 2025 indicates that the churn rate is ~23%. APP's CEO reportedly claims there has been almost no churn.",
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      "text": "Muddy Waters is short APP. Web traffic analysis leads us to estimate that ~52% of APPs e-commerce conversions are retargeting and incrementality is only ~25%-35%. Code evidences that APP is collecting and structuring user IDs...",
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