Applovin Surged Over 22% in Premarket Trading On AI-Driven Earnings Beat-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Applovin Surged Over 22% in Premarket Trading On AI-Driven Earnings Beat

Benzinga2023-08-10

Applovin Corp (NASDAQ:APP) shares surged over 22% in premarket trading as the company beat revenue expectations and turned in earnings figures that more than tripled estimates.

Q2 Revenue: $750.16 million beat estimates of $724.27 million
Q2 EPS: 22 cents beat estimates of 7 cents

Software revenue increased 28% year-over-year, while apps revenue fell 25%. Applovin said its strong results were primarily driven by the successful launch of its latest AI-based advertising engine.

AI improvements helped drive higher installs and higher revenue per install. The company ended the quarter with $876 million in cash and equivalents.

"As we look forward, we are very excited about the increased efficiency and better return on ad spend our advertisers are seeing, and we believe this will lead to more opportunities and growth for our partners," the company said in a letter to shareholders.

Outlook: Applovin sees third-quarter revenue in the range of $780 million to $800 million versus estimates of $741.41 million. Adjusted EBITDA is expected to be between $340 million and $360 million.

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VWapMax
·2023-08-10
It will crash when market opens.
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