AppLovin Analysts Cut Their Forecasts Following Q2 Earnings - AppLovin (NASDAQ:APP)

AppLovin Corp (NASDAQ:APP) on Wednesday posted mixed financial results for the second quarter.

AppLovin reported second-quarter revenue of $1.924 billion, missing analyst estimates of $1.935 billion, according to Benzinga Pro. The advertising technology company reported earnings of $3.76 per share for the quarter, beating estimates of $3.67 per share.

AppLovin expects third-quarter revenue to be in the range of $2.055 billion to $2.085 billion, versus estimates of $2.068 billion. The company anticipates third-quarter adjusted EBITDA of $1.71 billion to $1.74 billion.

AppLovin shares fell 19.1% to $338.00 in pre-market trading.

These analysts made changes to their price targets on AppLovin following earnings announcement.

BTIG analyst Clark Lampen maintained the stock with a Buy and lowered the price target from $640 to $574.
B of A Securities analyst Omar Dessouky maintained the stock with a Buy and lowered the price target from $705 to $430.
Wells Fargo analyst Alec Brondolo downgraded the stock from Overweight to Equal-Weight and slashed the price target from $575 to $357.
Needham analyst Bernie McTernan maintained the stock with a Buy and cut the price target from $700 to $500.

Considering buying APP stock? Here’s what analysts think:

Photo via Shutterstock

APPAppLovin Corp

$337.68-19.2%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.