AppLovin shares pop on earnings beat as it announces sale of mobile gaming business

AppLovin shares soared as high as 15% in extended trading after the company reported earnings and revenue that beat expectations and announced the sale of its mobile gaming business. Here's how the company did compared to LSEG consensus estimates: Earnings : $1.67 per share vs $1.45 per share expected : $1.67 per share vs $1.45 per share expected Revenue: $1.48 billion vs $1.38 billion expected AppLovin also agreed on Wednesday to sell its mobile gaming business to Tripledot Studios in a deal worth $400 million in cash considerations. The advertising tech company will also obtain a roughly 20% ownership stake in Tripledot Studios, which makes mobile games like Sudoko Friends, Puzzletime and Solitaire Classic." The deal is expected to close in the second quarter of 2025. AppLovin said second-quarter sales should come in the range of $1.2 billion to $1.22 billion, trailing analysts expectations of $1.38 billion. The company reported first-quarter net income of $576 million, or $ ... Read full article.