** Shares of marketing platform AppLovin APP.O rise 14.6% to $347.90 premarket

** Late on Wednesday, APP said it is selling its mobile game portfolio to London-based mobile game developer Tripledot Studios for about $800 million in a cash and stock deal

** Tripledot will gain 10 new game studios and add popular games like Cash Tornado and Wordscapes to its collection

** The deal will increase Tripledot's presence to 17 more cities across North America, Europe, and Asia

** On Wednesday, APP also posted Q1 sales of $1.48 bln, above analysts' est of $1.38 bln - LSEG

** APP reported Q1 profit of $1.67/share, compared with 67 cents/share, a year ago

** As of last close, stock down 6.3% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))