PALO ALTO, Calif. - AppLovin Corporation (NASDAQ:APP), a prominent marketing platform, has reported a significant earnings and revenue beat for the first quarter ended March 31, 2024.
The company's adjusted earnings per share (EPS) came in at $0.67, surpassing the analyst estimate of $0.56. Revenue reached $1.06 billion, exceeding the consensus estimate of $972.47 million.
The company's robust performance in the first quarter, coupled with an optimistic revenue outlook for the second quarter, has propelled the stock upwards by 15%.
AppLovin's guidance for Q2 2024 forecasts revenue between $1.06 billion and $1.08 billion, notably ahead of the analyst consensus of $1.01 billion. The midpoint of this guidance, $1.07 billion, is well above the consensus, indicating a positive trajectory for the company's growth.
AppLovin's success this quarter can be attributed to its comprehensive marketing solutions and AI technologies that have effectively connected businesses with their target audiences. The company's ability to exceed expectations on both the top and bottom lines reflects its strong market position and operational efficiency.
In a statement, AppLovin's management expressed confidence in their strategies and the continued growth of their platform, which has been a key driver in their performance. They remain committed to delivering value to their customers and shareholders alike.
BTIG analysts said the results "significantly exceeded consensus and a higher buy-side bar." The stock remains a Top Pick at BTIG.
"We come away from the print with estimates moving meaningfully higher for '24, our price target following suit, and a general feeling that we've still left room for beats relative to our forecasts this year and next," the analyst said.
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