AppLovin (APP) announced the sale of its mobile game business to Tripledot Studios for $400 million in cash, retaining a 20% stake in the buyer. This news came alongside first quarter earnings that exceeded analysts' expectations, with revenue rising 40% year-over-year to $1.48 billion and net income reaching $576.42 million. Shares surged over 13% in after-hours trading despite a rough start to the year due to allegations of unethical practices from short sellers. Looking towards the second quarter, AppLovin expects advertising revenue of $1.2 billion to $1.22 billion, above analyst predictions.
AppLovin announced a sale of its mobile game business for $400M while reporting strong earnings, boosting shares significantly in after-hours trading.
The company anticipates strong revenue growth with Q1 revenue surpassing analyst expectations, growing 40% year-over-year, and projects Q2 advertising revenue above estimates.
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