AppLovin Corporation (APP) shares tumbled 22.21% in after-hours trading on Wednesday, following the release of its second-quarter earnings report that fell short of Wall Street's revenue expectations and offered a softer-than-anticipated third-quarter outlook.

The advertising technology company reported Q2 revenue of $1.92 billion, up 53% from a year earlier, but narrowly missing the consensus estimate of $1.94 billion. Adjusted EBITDA came in at $1.61 billion, also below the $1.63 billion analysts had forecast. Earnings per share of $3.76 were in line with expectations. Despite the strong year-over-year growth, the revenue shortfall and the tempered forward guidance rattled investors.

For the third quarter, AppLovin guided for revenue between $2.06 billion and $2.09 billion, with the midpoint roughly in line with analyst estimates of $2.08 billion. However, the company's adjusted EBITDA forecast of $1.71 billion to $1.74 billion fell below the $1.76 billion Wall Street was looking for. The combination of the top-line miss and cautious profit outlook triggered a sharp sell-off, sending shares significantly lower in extended trading.