Appleovin CEO Adam Foroughhi.
CNBC
application Stocks soared nearly 30% in Wednesday’s expansion trading after the company reported surpassing analyst estimates and issued guidance that exceeded expectations.
According to LSEG, the company’s performance is so compared to analysts’ expectations.
- Earnings per share: $1.73 vs. $1.24 Expected
- income: $1.37 billion vs. $1.26 billion expected
The company said in one statement.
Revenue rose 43% from $953.3 million in the same period last year.
Appleovin, the best-performing U.S. technology stock last year, soared more than 700% in the company’s AI-powered advertising system. In 2023, Appleovin released an update version 2.0 of its ad search engine, called Axon, which helps put more targeted ads on company-owned gaming apps and is also licensed by the company to Studios, which is the technology. use.
Advertising revenue rose 73% in the quarter to nearly $1 billion. Advertising business was previously classified as a software platform. The company said this was changed because the ads illustrate “all revenues in this segment.”
According to LSEG, Appleovin said it expects first-quarter revenue to be between $1.36 billion and $1.39 billion, surpassing the average analyst estimate of $1.32 billion. More than $1 billion will come from its advertising space, as the company says it is “still in its early stages” to strengthen its AI model.
“The roadmap ahead is full of iterative opportunities,” the company said in a shareholder letter. “As it is executed, we believe we can continue to drive value creation for shareholders.”
watch: Appleovin stock jump
