How sustainable are Applovin's expense reductions since 2023?

Applovin's expense reductions since 2023 appear to be sustainable for the following reasons:

1. **Financial Performance Improvement**: Applovin has demonstrated an ability to improve its financial performance. For instance, in Q4 2022, the company reported better-than-expected revenue and adjusted EBITDA, with revenue slightly above the top end of its guidance. This indicates a strong revenue base that can support ongoing expense reductions.

2. **Cash Flow Generation**: The company has shown strong cash flow generation capabilities. In Q4 2022, Applovin generated $138 million of net cash from operating activities and $132 million of free cash flow. This cash flow can be used to fund operational expenses and support long-term growth initiatives.

3. **Revenue Growth Outlook**: Applovin has provided a positive outlook for the first quarter of 2023, with expectations of consistent performance compared to the previous quarter. This suggests a stable revenue stream that can support ongoing expense reduction efforts.
4. **Analyst Confidence**: Analysts have maintained a positive outlook on Applovin, with a consensus rating of Moderate Buy and a price target increase from $41 to $57. This confidence in the company's future performance can contribute to a sense of sustainability around expense reductions.

5. **Strategic Positioning**: Applovin's strategic positioning in the mobile application technology sector and its ability to adapt to market conditions suggest that the company is well-equipped to navigate challenges and sustain expense reductions.

In conclusion, while specific details about Applovin's ongoing expense reduction strategies are not available, the company's financial performance, cash flow generation, revenue growth outlook, analyst confidence, and strategic positioning all point to a sustainable approach to expense reductions since 2023.