AppLovin soars almost 30% on earnings, guidance beat
Summary
AppLovin shares soared almost 30% in extended trading on Wednesday after the company reported earnings and revenue that sailed past analysts estimates and issued better-than-expected guidance. AppLovin was the best-performing U.S. tech stock last year, soaring more than 700% driven by the companys artificial intelligence-powered advertising system. AppLovins business has been split between advertising and apps, which is primarily made up of games studios that the company has acquired over the years. "Today were announcing weve signed an exclusive term sheet to sell all of our apps business," CEO Adam Foroughi said on the earnings call. That includes $500 million in cash, "with the remainder representing a minority equity stake in the combined private company."
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