Applovin Shares Fall After Hours On 2Q Loss, Lowered FY Outlook

Dow Jones2022-08-11

AppLovin Corp. shares dropped 10% to $36.40 in after-hours trading on Wednesday after the company said it swung to a loss in the second quarter.

The company, which makes tools for app developers to improve marketing and revenue generation, said it saw a loss of $21.7 million, or 6 cents a share, compared to net income of $14.4 million, or 4 cents a share, last year.

Total costs and expenses were $722.8 million for the quarter, up from $633.8 million a year ago.

Revenue was up 16% to $776.2 million.

The company also lowered its revenue outlook for the year to a range of $2.84 billion to $3.14 billion from its prior guidance of $3.14 billion to $3.44 billion.

On Tuesday, AppLovin proposed an unsolicited bid to buy Unity Software Inc. for an enterprise value of $20 billion at $58.85 a share.

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Williamw
2022-08-11
Williamw
Ok
kkh02
2022-08-11
kkh02
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ChinSiang
2022-08-11
ChinSiang
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