Why AppLovin Rallied in May
Shares of AppLovin (NASDAQ: APP) rallied 37.4% in May, according to data from S&P Global Market Intelligence.
AppLovin bounced back from the downturn in software stocks that emerged earlier this year after it reported very strong earnings in early May. Additionally, a prominent investor pitched AppLovin stock at the prestigious Sohn Investment Conference later in the month.
In the first quarter, AppLovin grew revenue 58.6% to $1.84 billion, with earnings per share rising 69.5% to $3.56. Both figures beat expectations. Meanwhile, second-quarter guidance of $1.915 billion to $1.945 billion in revenue and $1.615 billion to $1.645 billion in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also topped analysts' consensus.
Source Fool.com
