Shares of ad-technology platform AppLovin fell sharply after it reported soft second-quarter earnings on Wednesday afternoon.

AppLovin stock was down 16% in after-hours trading.

The company reported earnings of $3.76 a share, in line with Wall Street expectations and up from $2.39 last year. Sales came in at $1.92 billion, just shy of the $1.94 billion expected by Wall Street and up 53% since last year.

Adjusted earnings before taxes, depreciation, and amortization were $1.6 billion, below the low point in the company's previous guidance range, and the Wall Street consensus estimate.

Guidance for third-quarter sales and adjusted Ebitda was also just below analyst projections.