AppLovin Crashes 18% to 52-Week Low After Q2 Miss, Analysts Slash Targets
APP is trading near its 52-week low of $332.192 (3.3% above the low) on elevated volume (1.9× avg).
Summary
AppLovin shares plunged 17.88% to $343.10, hitting a new 52-week low, after Q2 revenue of $1.92B missed the $1.94B consensus. EPS of $3.76 beat by 2.45%, and Q3 guidance of $2.06B-$2.09B bracketed the $2.07B Street view. CEO Foroughi attributed the miss to a delayed machine learning upgrade, now live, and saw no demand weakness. This follows yesterday's initial earnings report; today's selloff reflects deepening investor concern, amplified by a wave of analyst target cuts—Wells Fargo downgraded to Equal-Weight and slashed its target to $357 from $575, while BofA cut to $430 from $705. The stock is now testing critical support levels amid heavy insider selling in recent months.
At the time of this announcement, APP was trading at $343.11 on NASDAQ in the Technology sector, with a market capitalization of approximately $115.3B. The 52-week trading range was $332.19 to $745.61. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Benzinga.