Why Applovin Stock Is Accelerating Higher Thursday
Portfolio Pulse from Adam Eckert
Applovin Corp (NASDAQ:APP) reported better-than-expected Q2 financial results, with revenues of $750.16 million and EPS of 22 cents, beating estimates. The company's software revenue increased by 28% YoY, while apps revenue fell by 25%. The strong results were attributed to the successful launch of its latest AI-based advertising engine. The company ended the quarter with $876 million in cash and equivalents. Applovin expects Q3 revenue to be between $780 million and $800 million, higher than estimates.
August 10, 2023 | 12:46 pm
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Applovin Corp reported strong Q2 results, beating estimates, and expects Q3 revenue to also surpass estimates. The successful launch of its AI-based advertising engine contributed to the positive results.
Applovin Corp's better-than-expected Q2 results and positive Q3 outlook, driven by the successful launch of its AI-based advertising engine, are likely to boost investor confidence and potentially drive the stock price higher in the short term.
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