APP - Why AppLovin Stock Was Soaring High Today
2024-05-09 11:22:40 ET
Shares of app discovery and monetization company AppLovin (NASDAQ: APP) soared high on Thursday after the company reported financial results for the first quarter of 2024. As of 10:45 a.m. ET, AppLovin stock was up 18% and hitting fresh 52-week highs.
The star of the show for AppLovin right now is its AXON software, powered by artificial intelligence (AI). The company's software helps companies get their apps discovered, downloaded, and monetized through advertising. AXON was launched almost a year ago, and it's catalyzed the company's software revenue growth.
In Q1, AppLovin's revenue of $1 billion was up 48% year over year, an impressive number. However, software platform revenue of $678 million was up a stunning 91%. This indicates that AXON is ingesting good data and improving, strengthening demand from customers.
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Why AppLovin Stock Was Soaring High Today