Shares of Applovin Corp.
APP,
jumped more than 20% in the extended session Wednesday after the software company swung to a profit and reported better-than-expected revenue in its second quarter, pinning the outperformance on a “successful” roll-out of its newest advertising product. Applovin earned $80 million, or 22 cents a share, in the quarter, contrasting with a loss $22 million, or 6 cents a share, in the year-ago period. Revenue fell 3% to $750 million, the company said. Analysts polled by FactSet expected the company to report EPS of 8 cents a share on sales of $724 million. Applovin guided for third-quarter revenue of $780 million to $800 million, which would compare with FactSet consensus for revenue of $742 million. The stock ended the regular trading day down 2.1%.
