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AppLovin shares drop 7% despite earnings beat, strong Q3 guidance

EditorRachael Rajan
Published 07/08/2024, 21:24
© Reuters.

PALO ALTO - AppLovin Corporation (NASDAQ:APP) reported second quarter earnings that beat analyst expectations, but its shares fell 7% in after-hours trading.

The marketing platform provider posted adjusted earnings per share of $0.89 for the second quarter, surpassing the analyst estimate of $0.74 by $0.15. Revenue for the quarter came in at $1.08 billion, in line with the consensus estimate.

AppLovin's revenue guidance for the third quarter of $1.115-1.135 billion was slightly above the analyst consensus of $1.1 billion. The midpoint of the guidance range represents a 2.3% increase from the second quarter revenue.

"We're pleased with our strong performance in the second quarter, which demonstrates the continued strength of our marketing platform," said Adam Foroughi, CEO of AppLovin. "Our focus on innovation and AI-driven solutions continues to drive value for our customers."

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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