AppLovin Stock Sinks 16% After the Ad-Technology Platform Misses Quarterly Revenue Estimates
Dow Jones
Aug 06
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.
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