PALO ALTO, California – AppLovin Corporation (NASDAQ:), a renowned marketing platform, reported significant growth in earnings and revenue for the first quarter ended March 31, 2024.
The company’s adjusted earnings per share (EPS) came in at $0.67, beating analysts’ estimates of $0.56. Revenue reached $1.06 billion, beating the consensus estimate of $972.47 million.
The company’s strong first-quarter results, coupled with an upbeat earnings outlook for the second quarter, sent shares up 15%.
AppLovin’s second-quarter 2024 guidance calls for revenue of $1.06 billion to $1.08 billion, well ahead of analyst consensus estimates of $1.01 billion. The midpoint of this forecast, at $1.07 billion, is well above consensus, indicating a positive growth trajectory for the company.
AppLovin’s success this quarter can be attributed to its integrated marketing solutions and artificial intelligence technologies that effectively connected the business with its target audience. The company’s ability to exceed expectations on both revenue and earnings reflects its strong market position and operating efficiency.
In their statement, AppLovin management expressed confidence in their strategy and the continued growth of the platform as a key driver of their performance. They remain committed to delivering value to both their customers and shareholders.
BTIG analysts said the results “significantly exceeded consensus and buyers’ higher benchmark.” The stock remains a top pick on BTIG.
“We came out of print with a significant upgrade in ’24 estimates, our price target following suit, and an overall sense that we still have room to beat our forecasts this year and next,” the analyst said.
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