Why AppLovin Stock Is Skyrocketing Today
Investors were eager to snatch up shares of AppLovin (NASDAQ: APP) after the company reported its fourth-quarter results. The company, which helps app developers monetize their apps with advertising, reported mixed results for the quarter, but investors reacted to the AppLovin's better-than-expected revenue guidance of the first quarter.
As a result, the stock was up by 31.3% as of 12:19 p.m. ET.
AppLovin's fourth-quarter sales fell 11.5% to $702.3 million, but that was good enough to beat the consensus estimate of $689.9 million. AppLovin's bottom line fared much worse, as the company reported a loss under generally accepted accounting principles (GAAP) of $0.21 in the quarter, down from earnings of $0.08 in the year-ago quarter and missing Wall Street's average estimate of $0.05 per share.
Source Fool.com
