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What Netflix Got Right and AppLovin Got Wrong This Quarter | Simeon McMillan
Simeon McMillan of Accrued Interest returns for his quarterly check-in after a heavy Q2 media earnings season. We get into why Wall Street keeps misreading Netflix, the watch-hour metrics Simeon thinks are noise, and the margin and free cash flow story behind Bill Ackman rebuilding his position. Then we turn to AppLovin, where Simeon owns getting it wrong, and break down what actually rattled the market, the slower e-commerce ramp, and where the thesis stands now.
From there we run through his short book, the Duolingo call he flipped, and the Warner Bros bidding drama pulling in Loeb…
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