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Why AppLovin Stock Soared Today

TheMotleyFool

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Shares of AppLovin Corporation (NASDAQ: APP), a marketing platform, skyrocketed today after the company reported its first-quarter financial results. Surprisingly, AppLovin missed Wall Street's consensus estimate for both its top and bottom lines and cut its revenue guidance for the full year.

Investors were instead focused on the fact that AppLovin's management said that it's open to selling the company's Apps business. The tech stock surged 33% on that prospect as of 3:07 p.m. ET.

Let's start with the company's financial results. AppLovin's first-quarter sales increased just 3.5% from the year-ago quarter to $625 million, which was far below analysts' consensus estimate of $814.9 million for the quarter.

Source Fool.com

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