Shares of mobile app developer and monetization company AppLovin (NASDAQ: APP) fell hard on Thursday following the release of financial results for the second quarter of 2022. As of 1:30 p.m. ET, its stock was down 11%.
AppLovin shareholders are getting used to the roller-coaster ride. This is the fourth consecutive session of a move of 10% or more, with up and down days alternating. In Q2, revenue was up 16% year over year to $776 million, but net income dropped to a loss of $22 million compared with a profit of $14 million last year.
This drop in profitability concerned Wall Street. BTIG analyst Clark Lampen lowered his price target for AppLovin from $60 per share to $53 per share, according to The Fly. Similarly, Truist analyst Youssef Squali lowered his price target from $77 per share to $65 per share.
For further details see:
Why the market Had No Love for AppLovin Stock Today