AppLovin, a leading app marketing platform, shattered analyst expectations for the fourth quarter, sending its stock price surging in extended trading. The Palo Alto-based company reported earnings of $1.73 per share on sales of $1.37 billion, beating estimates by $0.48 per share and $100 million.
AppLovin’s year-over-year growth was impressive, with earnings jumping 253% and revenue rising 44%. For the current quarter, the company forecast revenue of $1.37 billion, representing a 29% year-over-year increase. Analysts had predicted revenue of $1.32 billion.
The stock price rose over 20% in after-hours trading, reaching 460. In the regular session, AppLovin’s stock advanced 1.4%, closing at 380.32. The company’s software platform enables app developers to market, monetize, and analyze their apps, while also making mobile games.
Industry experts praise AppLovin’s AI-driven platform, which is reportedly outperforming expectations. “AppLovin just reminded everyone why it’s one of the hottest stocks in ad tech,” said Jeremy Goldman, senior director of content for Emarketer. The company is now on two IBD stock lists: Leaderboard and Tech Leaders.
Source: https://www.investors.com/news/technology/app-stock-applovin-q4-2024-earnings