Applovin Corp APP is trading lower by 4.04% to $17.08 as stocks with social media exposure dip in sympathy with Snap SNAP following its third-quarter results and commentary regarding the fourth quarter.
AppLovin offers solutions for mobile app companies to increase their monetization, returns and growth. Snap's earnings echoed negative sentiment on many social media apps, which could also impact AppLovin as it has exposure in the mobile app market.
What Happened?
Snap said it will not provide fourth-quarter expectations due to uncertainties in the operating environment but believes it is likely that year-over-year revenue growth will decelerate as it moves through Q4. The company also said total time spend watching content in the US decreased 5% year over year.
Meanwhile, CEO Evan Spiegel said Snap will continue to “navigate this volatile macroeconomic environment” moving forward with its community of 363 million daily active users...Read More
According to data from Benzinga Pro, Applovin has a 52-week high of $116.09 and a 52-week low of $16.47.
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