AppLovin Corporation shares plummeted 15.81% in post-market trading on Wednesday, as the ad-technology company’s second-quarter revenue fell short of Wall Street expectations and its third-quarter outlook came in softer than anticipated.

The 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 of $1.61 billion also missed forecasts, while earnings per share of $3.76 were in line with expectations. Despite the robust year-over-year growth, the top-line 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 only roughly in line with analyst estimates, and its adjusted EBITDA forecast of $1.71 billion to $1.74 billion fell below the $1.76 billion Wall Street was looking for. CEO Adam Foroughi acknowledged that the company fell short of its own standards, attributing the lighter‑than‑expected quarter to the timing of AI model improvements, but stressed that the business is back on track and advertiser demand remains strong.