AppLovin Stock Plummets To 52-Week Lows
AppLovin Corp (NASDAQ: APP ) shares are dropping after the company reported mixed second-quarter financial results. AppLovin stock is testing lower boundaries. Why are APP shares at support? AppLovin Q2 Earnings Highlights For the quarter, AppLovin posted revenue of more than $1.92 billion, falling short of the approximate $1.94 billion Wall Street had penciled in. On the bottom line, the company delivered $3.76 in earnings per share, topping the $3.67 consensus figure by 2.45%. Compared to a year ago, sales climbed 52.94% and profit per share jumped 57.32%. The business generated $869 million in operating cash flow during the period, with free cash flow landing at $863.3 million. Roughly $551.3 million went toward buying back shares over the three months, and the company closed out the quarter holding close to $3.05 billion in cash reserves. Looking to the current quarter, management...
AppLovin Corp (NASDAQ: APP ) shares are dropping after the company reported mixed second-quarter financial results. AppLovin stock is testing lower boundaries. Why are APP shares at support? 94 billion Wall Street had penciled in.
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74 billion. ” According to Foroughi, the miss boiled down to sequencing — a machine learning upgrade that was supposed to roll out mid-quarter instead didn’t go live until the beginning of July. ” Analysts React With Price Target Cuts BTIG’s Clark Lampen holds his Buy call on AppLovin but trims his price target to $574 from $640. Omar Dessouky of BofA Securities keeps his Buy rating in place while cutting his target to $430, down from $705.
Wells Fargo’s Alec Brondolo downgrades the stock to Equal-Weight from Overweight and slashes his target to $357 from $575. Bernie McTernan at Needham reiterates his Buy stance but drops his target to $500 from $700. Goldman Sachs’ Eric Sheridan sticks with his Neutral rating and lowers his target to $465 from $585. Benchmark’s Mike Hickey stays at Buy while reducing his target to $500 from $775.
Wedbush’s Alicia Reese maintains her Outperform rating and pulls her target down to $610 from $640. According to BTIG analyst Clark Lampen, the quarter represents “a blip, not a break,” with the shortfall traced to a stalled improvement in the gaming-side model mid-quarter, a problem he believes has already been fixed given the stronger trajectory heading into the third quarter.
Needham analyst Bernie McTernan offered a similar read, noting this marked the first time in 14 straight quarters that AppLovin landed below the top of its own guidance band, though he characterized it as a temporary “speed bump” rather than a demand issue, pointing to continued double-digit sequential growth in MAX’s publisher-side revenue as evidence. 10 at the time of publication on Thursday. The stock is trading at a new 52-week low, according to Pro. Read Also: AppLovin Analysts Cut Their Forecasts Following Q2 Earnings Image: Shutterstock