AppLovin stock wobbles following first public quarterly results
AppLovin Corp.
APP,
shares shifted between gains and losses in the extended session Wednesday following the marketing software company’s first quarterly results as a public company. AppLovin shares, which had originally gained about 3% after hours, were last down 2.4% in the extended session. Shares closed down 2.3% in the regular session at $52.25. The company reported a first-quarter loss of $10.5 million, or 5 cents a share, versus net income of $3 million, or a penny a share, in the year-ago period. Revenue surged to $603.9 million from $260.2 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of a penny a share on revenue of $557.3 million. AppLovin forecast fiscal 2021 revenue of $2.65 billion to $2.7 billion, while analysts estimate revenue of $2.51 billion for the year. AppLovin shares went public on April 15 and closed down nearly 20% from their IPO price on their first day of trading.
