AppLovin misses quarterly revenue estimates, shares down 17%
AppLovin misses quarterly revenue estimates, shares down 17% Aug 5 (Reuters) - Marketing platform AppLovin APP.O missed Wall Street estimates for second-quarter revenue on Wednesday, underscoring the pressure of the lingering economic uncertainty on advertising budgets.
Here are some details:
Shares of AppLovin, whose AI-powered ad engine matches users with relevant ads, tumbled 17.4% in extended trading.
The company's quarterly revenue of $1.924 billion missed analysts' average estimate of $1.935 billion, according to data compiled by LSEG.
Its third-quarter revenue forecast of $2.06 billion to $2.09 billion was largely in line with estimates of $2.07 billion.
AppLovin's AXON platform helps mobile app developers, particularly in the gaming industry, to run targeted ads.
(Reporting by Arunesh Sinha; Editing by Shilpi Majumdar)
((Arunesh.Sinha@thomsonreuters.com))