AppLovin (APP) stock jumped 31% on Thursday after the mobile app marketing company reported better-than-expected third-quarter earnings and revenue and upbeat fourth-quarter guidance. Wall Street analysts raised their price target on the stock as the results eased concerns about the company’s growth trajectory.
AppLovin’s third-quarter revenue of $2.18 billion beat analysts’ expectations of $2.07 billion, according to Bloomberg estimates.
Earnings per share came in at $4.30, above the consensus estimate of $4.04. AppLovin issued stronger-than-expected fourth-quarter guidance, projecting revenue between $2.37 billion and $2.40 billion, well above the $2.25 billion analysts expected.
Wall Street analysts were quick to upgrade the stock, with BTIG raising its price target from $396 to $450 while maintaining a buy rating, implying roughly 35% upside from current levels.
Needham also reiterated his Buy rating and set a price target of $475, implying an upside of approximately 43%.
AppLovin stock has been volatile this year, with shares down more than 50% year to date.
356.10 +84.35 (+31.04%)
Closing: November 5 at 4:00:02 p.m. EST
350.98 -5.12 (-1.44%)
Gn bussni
