Communication Services

AppLovin grew Q2 2026 revenue 52.8% to $1.92 billion entirely on pricing — revenue per app install rose 58% while install volume fell 2% — with Q3 guidance implying growth slows to roughly 47%.

Revenue rose 24% to $119.8 billion and Google Cloud grew 82%, but the 298% jump in net income is almost entirely a $99 billion unrealized mark-up on Alphabet's SpaceX and private-company stakes — meanwhile Q2 capex of $44.9 billion exceeded the $39.1 billion of cash the business generated, funded by roughly $101 billion of new debt and equity and zero share buybacks.

Revenue rose 24% to $119.8 billion and Google Cloud grew 82%, but the 298% jump in net income is almost entirely a $99 billion unrealized mark-up on Alphabet's SpaceX and private-company stakes — meanwhile Q2 capex of $44.9 billion exceeded the $39.1 billion of cash the business generated, funded by roughly $101 billion of new debt and equity and zero share buybacks.