In Q1, advertising revenue jumped 71% YoY to $1.16 billion with an 81% EBITDA margin, driving total adjusted EBITDA to $943 million, up 92%. Monthly Active Payers (MAPs) were 1.5 million, down slightly YoY due to the app divestiture, while ARPMAP rose to $52, up from $48 a year prior, reflecting improved monetization. Analysts now want confirmation that ad revenue continues to show solid momentum in Q2 and deliver profitability metrics without the ads-sourced income being softened by the lower-margin apps business. Execution risk remains elevated. While the sale to Tripledot strengthens AppLovin's focus, it raises questions on sustainability of share buybacks and FCF conversion going forward. With the stock now trading at 40 forward earnings, expectations are high. Q2 commentary will need to reinforce scalable growth and AI ad traction. This article first appeared on GuruFocus.