AppLovin bucked a rough day for tech. Shares of the AI-driven ad technology company surged 20% in premarket trading on Thursday after third-quarter results and guidance beat expectations, Yahoo Finance reports.
Revenue came in at $2.18 billion, above the $2.07 billion expected according to Bloomberg estimates, and earnings were $4.30 per share. Investor's Business Daily reports that EPS rose 75% from a year earlier and beat the $4.03 FactSet consensus. AppLovin forecast fourth-quarter revenue of $2.37 billion to $2.40 billion, well above the $2.25 billion analysts expected.
BTIG raised its price target to $450 from $396, and Needham reiterated a Buy rating with a $475 target. The stock had fallen more than 50% this year heading into the report.
