The Ledger #10: Q1 earnings and a stalled Fortnite return

Four items from the fortnight, led by AppLovin Unity Q1 2025 earnings news, with a note on what each one means for a UA team's planning.

AppLovin's Q1 2025 numbers keep compounding

AppLovin reported Q1 2025 advertising revenue of around $1.16 billion, up roughly 71% year on year, with net income of about $576 million. The company also revised the terms of its Apps business sale to Tripledot Studios: now $400 million in cash plus a 20% stake in Tripledot, closing 30 June. What it means for buyers: AppLovin's ad-tech growth isn't slowing. The Tripledot sale is nearly done, which means the pure ad-tech company that Axon buyers are dealing with is now largely in place, and ahead of schedule.

Unity's Q1 2025 results stay cautious

Unity's Q1 2025 revenue came in at roughly $435 million. Vector, its rebuilt ad model, remains mid-migration while guidance stays conservative. What it means for buyers: treat Unity inventory as a network in transition this quarter rather than a settled comparison point against AppLovin or Meta, and ask for a Vector-versus-legacy impression split before reading performance reports at face value.

Digital Turbine's fiscal year closes out weak

Digital Turbine's fiscal Q4 and full-year 2025 results, reported this month, show its On Device Solutions segment still under pressure, with restructuring continuing. What it means for buyers: On Device inventory volume and pricing stability remain a live question for any team still allocating meaningful spend there. Treat it as a smaller, higher-risk line in the plan. A stable baseline channel it is not, at least for now.

Fortnite's App Store return stalls after resubmission

Epic resubmitted Fortnite to the US App Store on 9 May following April's contempt ruling against Apple, but the app stalled in review and got pulled again on 16 May rather than going live. What it means for buyers: even a company with Epic's legal standing isn't getting a fast, friction-free path back onto the store. That's a useful data point for any smaller publisher assuming the contempt ruling alone guarantees smooth approval for their own link-out or distribution changes.