AppLovin (NASDAQ:APP) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

AppLovin (NASDAQ:APP) posted its earnings results on Wednesday. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10, Briefing.com reports. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $973.70 million. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm’s revenue was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.01) EPS. AppLovin updated its Q2 2024 guidance to EPS.

AppLovin Stock Performance

APP stock traded up $13.87 during trading on Thursday, reaching $87.87. The stock had a trading volume of 7,914,932 shares, compared to its average volume of 4,080,724. AppLovin has a 52 week low of $17.57 and a 52 week high of $88.50. The firm has a market cap of $28.95 billion, a PE ratio of 87.87, a PEG ratio of 1.48 and a beta of 1.85. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 2.31. The stock’s 50 day moving average is $69.60 and its two-hundred day moving average is $51.97.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on APP. Oppenheimer lifted their target price on AppLovin from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, April 8th. BTIG Research lifted their target price on shares of AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. Stifel Nicolaus raised their price objective on shares of AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Thursday. Finally, TheStreet raised AppLovin from a “d+” rating to a “c-” rating in a research note on Friday, March 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $67.48.

Insider Transactions at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 2,775 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $63.30, for a total transaction of $175,657.50. Following the completion of the sale, the chief financial officer now directly owns 362,264 shares of the company’s stock, valued at $22,931,311.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Matthew Stumpf sold 2,775 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $63.30, for a total value of $175,657.50. Following the transaction, the chief financial officer now owns 362,264 shares of the company’s stock, valued at $22,931,311.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total value of $166,926.40. Following the transaction, the insider now owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The disclosure for this sale can be found here. Insiders have sold 61,215 shares of company stock worth $4,416,815 in the last quarter. Company insiders own 14.69% of the company’s stock.

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.