Here is why AppLovin Corporation (APP) stock went up significantly on Wednesday?

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SNN Stock
SNN Stock

AppLovin Corporation (APP) shares gained 9.48% in after-hours on Wednesday, October 6, 2021, and closed the daily trading at $84.30. Even in the regular trading session, APP’s stock gained 4.41%. The stock volume remained 0.81 million shares. APP shares have moved up 3.83% in the past week. Over the past three months, the stock has gained 16.88%. The company has a current market of $27.75 billion and its outstanding shares stood at 335.62 million.

Let’s see what are the latest news about the company?


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AAP acquired MoPub

On October 06, 2021, AppLovin Corporation (APP), signed a definitive agreement to acquire Twitter, Inc.’s MoPub business for approximately $1 billion. The closing of the transaction is subject to customary conditions and regulatory approvals.

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APP participation in the recent conference

AppLovin Corporation recently participated at the Citi 2021 Global Technology Virtual Conference which was held on Monday, September 13, 2021. Adam Foroughi, Co-founder and Chief Executive Officer participated in a fireside chat in the event.

APP new appointment

On August 16, 2021, AppLovin Corporation (APP), appointed Instacart Chief Operating Officer Asha Sharma to its Board of Directors.

Sharma is also Chief Operating Officer for Instacart, where she oversees product, marketing and operations for the company, including the Instacart App, Instacart Logistics and Instacart Enterprise.

APP Recent financial results

On August 11, 2021, AppLovin Corporation (APP) announced financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • APP reported total revenue of $669 million in Q2 2021 compared to $300 million in Q2 2020.
  • Total cost and expenses were $633.8 million in Q2 2021 compared to $306.0 million in Q2 2020.
  • It earned a GAAP net income of $14 million in Q2 2021 compared to a GAAP net loss of $22 million in Q2 2020.
  • Adjusted EBITDA was $184 million in Q2 2021 compared to $60.8 million in Q2 2020.

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Conclusion

The recent acquisition of MoPub was the reason behind its exceptional performance on Wednesday and we can expect it to further climb in the coming trading sessions as well.

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