- 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.
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