On August 6, AppLovin Corporation declined 18.18% in regular trading, trading at approximately $343.11 per share, with turnover of $462 million.

The selloff was triggered by the company's Q2 earnings report released after the prior session's close. AppLovin posted Q2 revenue of $1.924 billion, missing the analyst consensus estimate of $1.935 billion. Q3 revenue guidance midpoint came in at $2.07 billion, also slightly below the $2.08 billion expected. While net income surged 55% year-over-year to $1.27 billion and adjusted EBITDA rose 58% to $1.61 billion, the dual miss on revenue and forward guidance became the primary catalyst for selling pressure.

Adding to bearish sentiment, Piper Sandler downgraded AppLovin from Overweight to Neutral, slashing its price target from $665 to $385. Deutsche Bank also lowered its target to $580 from $660 while maintaining a Buy rating. CEO Adam Foroughi attributed the shortfall to timing issues, noting that a major AI model performance upgrade landed just after quarter-end.

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