AppLovin reported earnings of $1.73 per share and revenue of $1.37 billion, surpassing analysts' predictions. The company saw net income surge to $599.2 million and reported a 43% revenue growth from the previous year. Following the success of its AI-driven advertising system, AppLovin announced it would sell its apps business for approximately $900 million, highlighting a strategic shift towards increasing focus on advertising revenue, which grew by 73% this quarter. The company's AXON technology plays a key role in its advertising success.
"In 2023, AppLovin released the updated 2.0 version of its ad search engine called AXON, which helps put more targeted ads on the gaming apps the company owns."
"We’re announcing we’ve signed an exclusive term sheet to sell all of our apps business for a total estimated consideration of $900 million."
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