Applovin shares dropped 17% on Thursday after missing second-quarter revenue expectations. The company posted revenue of $1.92 billion, up 53% year-over-year, but below the $1.94 billion forecast by analysts. Earnings per share came in at $3.76, matching expectations. CEO Adam Foroughi attributed the miss to the timing of improvements to its AI-powered advertising models, which saw slower progress than usual during the quarter. Piper Sandler downgraded the stock to neutral and slashed its price target from $665 to $385.
Source: Read the original article
