Comparing Revenue Growth: AppLovin Outpaces Fastly in Recent Quarters

Key Points

• AppLovin shows markedly stronger revenue performance, consistently posting top‑line numbers well above Fastly and maintaining a clear upward trajectory.

• Over the past eight quarters, AppLovin has recorded substantial quarter‑over‑quarter revenue growth, whereas Fastly has experienced a slower, steadier increase without significant swings.

• Investors should monitor whether the revenue gap between the two firms continues to widen rapidly or if growth begins to taper in the coming quarters.

AppLovin: Rapid Revenue Expansion

AppLovin (NASDAQ:APP) provides specialized software infrastructure that helps mobile application developers market their apps efficiently, optimize ad campaigns, and generate steady advertising income worldwide.

The company recently launched a new social networking app called Gist amid ongoing regulatory inquiries and reported a net income margin of 65% for the quarter ended March 31, 2026.

Fastly: Gradual Revenue Increases

Fastly (NASDAQ:FSLY) offers an advanced edge‑cloud computing platform designed to manage, distribute, and secure digital applications for a broad range of clients across global markets.

It opened a new data‑center facility in West Florida while addressing a performance incident in Tokyo, and recorded a net income margin of –12% for the quarter ended March 31, 2026.

Quarterly Revenue for AppLovin and Fastly

Quarter (Period End)AppLovin RevenueFastly RevenueQ2 2024 (June 2024)$711.0 million$132.4 millionQ3 2024 (Sept. 2024)$835.2 million$137.2 millionQ4 2024 (Dec. 2024)$1.4 billion$140.6 millionQ1 2025 (March 2025)$1.2 billion$144.5 millionQ2 2025 (June 2025)$1.3 billion$148.7 millionQ3 2025 (Sept. 2025)$1.4 billion$158.2 millionQ4 2025 (Dec. 2025)$1.7 billion$172.6 millionQ1 2026 (March 2026)$1.8 billion$173.0 million

Data source: Company filings. Data as of July 10, 2026.

Foolish Take

When comparing the revenue trends of AppLovin and Fastly, AppLovin clearly stands out. Its sales increased each quarter throughout 2025, and in the first quarter of 2026 revenue jumped approximately 59% year‑over‑year.

Fastly’s Q1 sales also showed solid year‑over‑year growth of about 20%. However, the stock slipped in May after the company forecasted 2026 revenue to fall between $710 million and $725 million.

If Fastly reaches the top of that range, the increase would be roughly 16% over its 2025 revenue of $624 million—a pace that failed to excite Wall Street, triggering a sell‑off.

AppLovin expects its Q2 sales to continue the quarter‑over‑quarter upward trend, projecting around $1.9 billion. This impressive revenue expansion highlights the lucrative nature of the mobile‑advertising market.

Consequently, AppLovin’s stock trades at a much higher valuation than Fastly’s. With a price‑to‑sales ratio of 28, AppLovin appears expensive relative to Fastly’s sales multiple of four. Although Fastly is not a rapid‑growth story, its steady expansion through high‑margin products enabled it to achieve a record first‑quarter gross margin of 62.5%.

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