AppLovin (APP) Stock: Why The Price Surged Over 30% Today

By Amit Chowdhry ● May 12, 2022
  • The stock price of AppLovin Corp (NASDAQ: APP) surged by over 30% during intraday trading today. This is why.

The stock price of AppLovin Corp (NASDAQ: APP) surged by over 30% during intraday trading today. Investors responded positively to the company’s first-quarter results.

AppLovin had reported a Q1 EPS of ($0.31), which was $0.23 lower than analyst estimates of ($0.08). And the revenue for the quarter was $625 million compared to the consensus estimate of $823.37 million.

Going forward, AppLovin expects FY2022 revenue of between $3.14 billion and $3.44 billion, compared to the consensus of $3.69 billion.

Truist Securities analyst Youssef Squali assigned the company a price target of $77 with a “Buy” rating. Squali based this rating on the company reporting total non-GAAP revenues were $835 million (up more than38% year-over-year), above the Street consensus of $815 million. And the EBITDA of $276 million (up more than 44%) was well ahead of the Wall Street estimates of $211 million.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.