AppLovin's Stock Surges Following Stellar Q1 Earnings and Optimistic Full-Year Forecast

The mobile tech company's shares soared after reporting a 48% increase in revenue and surpassing analyst expectations for the first quarter of 2024.

• AppLovin's Q1 revenue reached $1.058 billion, a significant rise from last year, driven by strong performance in its AXON platform.
• Adjusted EBITDA for the quarter doubled year-over-year to $549 million, reflecting robust operational efficiency.
• Analysts have raised their price targets, with predictions now reaching up to $100, indicating strong market confidence.
• The company projects full-year revenue to be between $1.06 billion and $1.08 billion, with an adjusted EBITDA margin of 52% to 53%.
• Shares experienced an 18.8% increase, with market analysts highlighting potential resistance at the $88 price level.

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