AppLovin Misses Q2 Revenue, Guides In-Line; Shares Plunge 17%
APP is trading near its 52-week low of $359 (1.8% below the low) on elevated volume (1.8× avg).
Summary
AppLovin reported Q2 revenue of $1.924 billion, missing the $1.935 billion consensus, and guided Q3 revenue to $2.06-$2.09 billion, roughly in line with the $2.07 billion estimate. The miss, driven by economic pressure on ad budgets, sent shares down 17.4% after hours. This follows a 10% drop in July on a bearish Bank of America report and a series of insider stock sales by the founder in June. The stock is now trading near its 52-week low, reflecting mounting concerns about ad spending headwinds.
At the time of this announcement, APP was trading at $352.65 on NASDAQ in the Technology sector, with a market capitalization of approximately $140.4B. The 52-week trading range was $359.00 to $745.61. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Reuters.