AppLovin Surges Past Wall Street Expectations, Anticipates Further Growth in Upcoming Quarter
Palo Alto-based mobile app marketing platform AppLovin has announced its earnings for the first quarter and exceeded Wall Street’s expectations. The company reported earnings of 67 cents per share on sales of $1.06 billion for the quarter ended in March, surpassing analysts’ estimates of 57 cents per share on $974 million in sales. This growth was a significant improvement from the previous year when AppLovin reported a loss of one cent per share on $715 million in sales.
For the upcoming quarter, AppLovin anticipates revenue between $1.06 billion and $1.08 billion, with the midpoint of $1.07 billion exceeding Wall Street’s estimate of $1.01 billion for the second quarter. The company attributed this success to the strong performance of its Axon technology, which drove exceptional business results. The app advertising market demonstrated positive growth during the quarter, with a shift towards real-time bidding contributing to the company’s success.
AppLovin’s stock rose by 8.1% during after-hours trading, reaching $80 following an earnings report that showed strong business results. Despite a 4% decline in regular trading session that closed at $74, AppLovin’s stock surged to a record high of $84 in after-hours trading due to investors recognizing its potential and future growth prospects.
AppLovin is a software platform that offers app developers tools to market, monetize, and analyze their apps while also developing popular mobile games like “Bingo Story,” “Game of War,” and “Solitaire Cruise.” Their stock is featured on IBD Tech Leaders list due to its potential for further growth and success in the competitive mobile app marketplace. For more stories on consumer technology, software, and semiconductor stocks, follow Patrick Seitz on social media or visit his profile on IBD Tech Leaders list or explore MarketSurge for research, charts, data, and coaching all in one place and discover stocks on IBD Tech Leaders list near buy point.
