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AppLovin stock jumps 22% following Q2 beat

AuthorDavit Kirakosyan
Published 08/10/2023, 06:02 AM
© Reuters.
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AppLovin (NASDAQ:APP) shares soared more than 22% after-hours following the company’s reported Q2 results, with EPS of $0.22 coming in better than the consensus estimate of $0.08. Revenue fell 3% year-over-year to $750 million, beating the consensus estimate of $723.97M.

Software Platform revenue increased 28% year-over-year to $406M, representing a quarterly record. The growth was driven by the rollout of the AI advancements to AXON, which drove higher installs and revenue per install from Q1, paired with improved returns for advertisers.

Meanwhile, Apps revenue fell 25% year-over-year to $344M, due primarily to a decline in In-App Purchase revenue.

For Q3/23, the company expects revenue in the range of $780M-$800M, above the consensus estimate of $741.41M. Adjusted EBITDA is seen at $340M-$360M.

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