On September 21, AppLovin Corporation rose 3.07% in regular trading, trading at $317.33/share, with turnover of $272 million.

On the news front, AppLovin CEO publicly reviewed the company's history and disclosed that the company expects to generate approximately $6 billion in cash this year, with an adjusted EBITDA margin of 84%, sending a strong profitability signal to the market. The CEO recounted the company's darkest period in 2022 when shares plunged 92% and market capitalization shrank to $3.8 billion, during which management halted roadshows, launched a $6 billion buyback program, and quietly completed a technology upgrade from regression models to deep learning. Shares subsequently surged from $9 to a peak of $750, with market capitalization reaching as high as $250 billion.

The remarks come as AppLovin has faced sustained pressure following its Q2 revenue miss of $1.92 billion versus the $1.94 billion consensus, which triggered a wave of target price cuts from institutions including Morgan Stanley (from $650 to $450), BTIG, Evercore ISI, and Loop Capital, while BofA Securities downgraded the stock to neutral citing insufficient evidence for the company's 30% long-term growth target.

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