AppLovin Corp. (ticker: APP) experienced a notable surge in its after-hours trading today, with the stock price reaching $85.70. This represents a significant increase of $11.70, or 15.81%, driven by a trading volume of approximately 1.06 million shares. The substantial uptick in price highlights investor confidence and possible reactions to recent company developments or market conditions, reflecting a robust interest in AppLovin’s market activities and future prospects.
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RECENT HIGHLIGHTS
May 08, 2024 — AppLovin Corporation (NASDAQ: APP), a leading marketing platform, announced financial results for the first quarter that ended March 31, 2024, and posted a letter to its shareholders on its Investor Relations website located at https://investors.applovin.com.
Earnings Highlights
AppLovin (APP) came out with quarterly earnings of $0.67 per share, beating the Consensus Estimate of $0.57 per share. This compares to a loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 17.54%. A quarter ago, it was expected that this mobile app technology company would post earnings of $0.35 per share when it produced earnings of $0.49, delivering a surprise of 40%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
AppLovin, which belongs to the Technology Services industry, posted revenues of $1.06 billion for the quarter ended March 2024, surpassing the Consensus Estimate by 9.03%. This compares to year-ago revenues of $715.41 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock’s immediate price movement based on the recently released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.
AppLovin shares have added about 93.5% since the beginning of the year versus the S&P 500’s gain of 8.8%.
