AppLovin Corp (NASDAQ:APP) revealed impressive financial figures for the second quarter, marking a significant turnaround from the same period last year.
The Palo Alto-based mobile app technology company reported a net income of $80.4 million, demonstrating a notable improvement after previous quarterly losses.
AppLovin’s robust earnings report for the quarter showcased a remarkable turnaround, exceeding both Wall Street expectations and its own revenue projections.
Investors responded by sending shares nearly 26% higher in aftermarket trading Wednesday.
Earnings per share stood at $0.22, ahead of the $0.08 per share expected by analysts. EBITDA was $334 million compared to the Street’s $290 million guide.
AppLovin's revenue for the quarter reached $750.2 million, a 3% decline year-over-year but well ahead of the $721.9 million consensus figure.
“The rollout of the AXON 2.0 demand targeting algorithm was the driver, inflecting AppDiscovery upward with higher CPI on mobile games, with plans to implement the tech across other verticals with Whurl CTV and Array OEM carriers the first targets,” analysts at Jeffries noted.
Looking ahead, AppLovin is expecting to see 3Q revenue in the range of $780 million to $800 million.
The mobile app technology company is known for providing solutions and services to optimize mobile app development, distribution, and monetization.
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