AppLovin has reported robust first-quarter earnings, significantly surpassing Wall Street expectations. The company’s stock price soared following the announcement. In its earnings report, AppLovin highlighted a substantial increase in both profit and revenue, driven by the continued growth of its advertising business. Additionally, the company announced the sale of its mobile gaming division, which is expected to further streamline its operations and focus on core competencies. This strategic move underscores AppLovin’s commitment to optimizing its business structure and capitalizing on emerging opportunities in digital advertising.
— new from Barron’s