{"id":46873,"date":"2023-08-10T14:01:35","date_gmt":"2023-08-10T18:01:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/applovin-stock-surges-as-earnings-beat-driven-by-ai-engine\/"},"modified":"2023-08-10T14:01:37","modified_gmt":"2023-08-10T18:01:37","slug":"applovin-stock-surges-as-earnings-beat-driven-by-ai-engine","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46873","title":{"rendered":"Applovin Stock Surges as Earnings Beat Driven by AI Engine"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Applovin,<\/span>
\n a software maker that helps its customers increase sales with artificial intelligence, jumped in early trading after it reported better-than-expected earnings. <\/p>\n

Shares of
\n Applovin
\n (ticker: APP) rose 24% in premarket trading Thursday to $36.58. The company reported second-quarter earnings of 22 cents a share after the bell Wednesday, blowing out expectations of 8 cents. The stock price has almost tripled this year.<\/p>\n

\n

AI has been a big driver of some technology stocks, most notably
\n Nvidia
\n (NVDA), which became the first chip maker with a valuation above $1 trillion earlier this year. Investors are now asking which companies or sectors might also benefit from advances in machine learning.<\/p>\n

Applovin\u2019s profit contrasted with a loss in the same period a year ago. It beat expectations for revenue and guided for third-quarter sales of $780 million to $800 million, higher than the $741 million analysts had anticipated.<\/p>\n

\u201cOutperformance was driven primarily by the successful roll-out of our latest AI-based advertising engine,\u201d the company said in a letter to shareholders.<\/p>\n

Citigroup analysts led by Jason Bazinet kept their Buy rating on the stock following Applovin\u2019s results. Their price target is $32.<\/p>\n

By contrast, Benchmark analyst Mark Zgutowicz kept his Sell rating on Applovin, though he raised his price target to $22 from $17 after the report.<\/p>\n

Write to Brian Swint at brian.swint@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Applovin, a software maker that helps its customers increase sales with artificial intelligence, jumped in early trading after it reported better-than-expected earnings. Shares of Applovin (ticker: APP) rose 24% in premarket trading Thursday to $36.58. The company reported second-quarter earnings of 22 cents a share after the bell Wednesday, blowing out expectations of 8 cents. […]<\/p>\n","protected":false},"author":1,"featured_media":46874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-46873","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nApplovin Stock Surges as Earnings Beat Driven by AI Engine | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Applovin, a software maker that helps its customers increase sales with artificial intelligence, jumped in early trading after it reported\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=46873\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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