Applovin (NASDAQ: APP) saw its shares rise 12% to $340.53 following a robust earnings performance, reporting earnings per share of $1.67, well above estimates of $1.44. Revenue reached $1.48 billion, exceeding expectations of $1.38 billion, with a 71% year-over-year increase in ad revenue. The company also offered positive guidance for the second quarter, predicting $1.2 billion in ad revenue, a 69% increase compared to the previous year. Analysts from Jefferies, Morgan Stanley, and Wells Fargo reiterated upbeat ratings and adjusted their price targets upwards, highlighting the positive momentum in Applovin's core gaming ads and overall business growth.
Shares of Applovin have surged following an impressive earnings report, demonstrating strong revenue growth and positive guidance for the upcoming quarter.
After crushing earnings expectations, Applovin's advertising revenue soared 71% year-over-year, reflecting a solid demand in the mobile tech market.
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