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Why Shares of AppLovin Were Soaring Today

TheMotleyFool

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Why Shares of AppLovin Were Soaring Today: https://g.foolcdn.com/editorial/images/871647/smartphone-social-media-ad-tech.jpg

Shares of AppLovin (NASDAQ: APP) were moving higher today on a report from Edgewater that Meta Platforms, one of its biggest competitors, is unlikely to bid on non-IDFA (identifier for advertisers) iOS traffic in the near-term. IDFA is the tool that allows Apple's iOS to track users, so advertisers can use their data.

That should open up more of the market for AppLovin, and it drove shares of the stock up 10.6% as of 10:57 a.m. ET today.

Image source: Getty Images.

Source Fool.com