AppLovin (NASDAQ:APP) Posts Earnings Results, Beats Expectations By $0.12 EPS

AppLovin (NASDAQ:APP) announced its quarterly earnings data on Wednesday. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12, Briefing.com reports. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. The business’s revenue for the quarter was up 44.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 earnings per share. AppLovin updated its Q3 2024 guidance to EPS.

AppLovin Stock Up 0.8 %

NASDAQ APP traded up $0.65 on Friday, hitting $77.38. 4,907,309 shares of the stock traded hands, compared to its average volume of 4,142,467. The stock has a 50-day moving average of $80.00 and a 200 day moving average of $71.13. AppLovin has a twelve month low of $33.17 and a twelve month high of $91.91. The company has a market capitalization of $25.46 billion, a P/E ratio of 46.06, a price-to-earnings-growth ratio of 1.27 and a beta of 1.86. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 4.59.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 2,890 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $81.37, for a total transaction of $235,159.30. Following the sale, the insider now directly owns 448,490 shares in the company, valued at approximately $36,493,631.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $83.36, for a total transaction of $1,458,800,000.00. Following the sale, the insider now directly owns 366,567 shares in the company, valued at approximately $30,557,025.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 2,890 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $81.37, for a total value of $235,159.30. Following the completion of the transaction, the insider now directly owns 448,490 shares of the company’s stock, valued at $36,493,631.30. The disclosure for this sale can be found here. Insiders have sold 17,709,742 shares of company stock worth $1,477,073,771 over the last quarter. 14.69% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on APP shares. BTIG Research boosted their price target on AppLovin from $87.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Wedbush lowered their price target on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday. Morgan Stanley boosted their price target on AppLovin from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. The Goldman Sachs Group upped their target price on AppLovin from $73.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $105.00 target price (up previously from $97.00) on shares of AppLovin in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.60.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.