APP - Here's Why AppLovin Stock Soared 45% Last Month
2024-03-06 15:18:20 ET
Shares of app monetization company AppLovin (NASDAQ: APP) soared 45.2% higher during February, according to data provided by S&P Global Market Intelligence . On Feb. 14, the company reported lovely financial results for the fourth quarter of 2023, solidly outpacing expectations on the top and bottom lines. This accounted for the majority of the gains for AppLovin stock during the month.
Prior to its earnings report, AppLovin's management had guided for Q4 revenue of $930 million at the most. But in Q4, the company generated revenue of $953 million, up 36% year over year and far ahead of expectations.
It's not just that AppLovin beat expectations; it's how it did it. The company largely generates revenue from its software business that helps app companies grow and monetize their users. The software is powered by the new version of its artificial intelligence (AI) software .
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Here's Why AppLovin Stock Soared 45% Last Month