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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": "Includes a terminal-style code snippet showing data processing logs as visual proof of methodology.",
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      "kind": "callout",
      "text": "APP appears to have instead actively retargeted and / or jumped the last click attribution claim.",
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      "text": "Processing impressions... Processing conversions... Extracting...",
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      "text": "Only ~3.4% of users had any clicks from APP ads as indicated by URL level tracking by these advertisers\nFor ~52% of the users who has a purchase event on the last click attribution, APP was not the first click to the webs",
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      "text": "retargeting percentage: 52%",
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      "text": "Approximately 52% of e-commerce sale appear to be retargeting based on analysis of conversion log-level files provided by a leading independent demand-side platform that covers over 37 million unique users from across five different advertisers' Shopify stores.",
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      "text": "These 37 million unique users represent over $300 million in revenue over the apparel, beauty, healthcare, hobby and more verticals. Over seven weeks from YE 2024 into Q1 2025, approximately two-thirds to three-quarters of the ads were likely not attributable to APP’s efforts. APP appears to have instead actively retargeted and / or jumped the last click attribution claim.",
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      "text": "Study data provided by a Marking Tech company with APP customers. Weeks 12/30/24 to 2/16/25. This study achieved a statistical significance of 98% confidence interval with a ±2% margin of error.",
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      "text": "E-Commerce Sales Are ~52% Retargeting",
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