AppLovin's (APP) gaming advertising and seasonal e-commerce ramp are expected to drive Q4 revenue "slightly above" its guidance range of $1.57 billion to $1.60 billion, Oppenheimer said in a Tuesday note. The results are due Feb. 11.

Oppenheimer analysts said they look forward to the report with a "positive" bias. However, they cautioned that Q1 e-commerce guidance may underwhelm due to post-holiday seasonality and early-stage advertiser onboarding.

"It is unclear whether new customer onboarding in 1Q26 will be enough to offset the seasonal decline in ad spend following the holiday season," the report said.

The note said AppLovin's e-commerce segment has catalysts that could drive incremental improvements in 2026, including the mid-2026 launch of AXON Ads Manager.

Meanwhile, fundamentals for the company's gaming segment remain "supportive" of a quarterly growth in Q1, it added.

Oppenheimer kept its outperform rating and $740 price target.

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