AppLovin (NASDAQ:APP) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

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

AppLovin Price Performance

Shares of APP traded up $12.54 during mid-day trading on Thursday, reaching $86.54. The company had a trading volume of 8,843,509 shares, compared to its average volume of 4,092,014. The company’s 50-day moving average is $69.60 and its 200-day moving average is $51.97. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.71 and a quick ratio of 1.71. The company has a market capitalization of $28.51 billion, a P/E ratio of 87.87, a P/E/G ratio of 1.48 and a beta of 1.85. AppLovin has a twelve month low of $17.57 and a twelve month high of $88.50.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction dated 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 directly owns 546,560 shares in the company, valued at $31,569,305.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Victoria Valenzuela sold 2,890 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total transaction of $166,926.40. Following the transaction, the insider now owns 546,560 shares in the company, valued at approximately $31,569,305.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Craig Scott Billings sold 5,550 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the sale, the director now owns 12,739 shares of the company’s stock, valued at approximately $743,065.87. The disclosure for this sale can be found here. Insiders sold 61,215 shares of company stock worth $4,416,815 over the last three months. 14.69% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on APP. Jefferies Financial Group assumed coverage on AppLovin in a research note on Thursday, May 2nd. They issued a “buy” rating and a $93.00 price objective for the company. UBS Group raised their price objective on shares of AppLovin from $46.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, February 15th. Oppenheimer increased their target price on shares of AppLovin from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Thursday. Finally, Stifel Nicolaus increased their price objective on AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.48.

AppLovin Company Profile

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.