I've seen a few posts on APP here, arguing that it's a strong value stock with rock solid fundamentals. While the strong fundamentals are indisputable, I think APP is far from a value stock. First, it's really unclear what the moat is, which by itself would disqualify it from being a value stock (Graham's definition). Also, the declining quarter-over-quarter growth is concerning (+4.4% compared to 11.1% in Q1 and 18% in Q4 of last year). Lastly, the majority of their revenue still comes from gaming, and other verticals are still unproven, and I recently saw a Trade Desk analogue.
Net-net, I think there are way more questions than answers right now.