02:39 PM EST, 11/04/2025 (MT Newswires) -- AppLovin ( APP ) could report a surprise upside from gaming ads in Q3, Oppenheimer said in a preview report Tuesday. The Q3 results are due on Nov. 5.

"We believe expectations for 3Q are tracking close to HSD Q/Q

growth in game advertising revenues," the report said. HSD refers to high-single-digit.

Oppenheimer forecast revenue of $1.4 billion for Q3, compared with FactSet consensus estimate of $1.34 billion.

Heading into 2026, investors are looking for new boosters of e-commerce, such as AXON Ad Manager roll-out in Europe, the report said. Oppenheimer kept its outperform rating.

Price: 617.05, Change: -15.09, Percent Change: -2.39