AppLovin Stock Shakes Off Short Seller Report, Shares Surge On Q1 Earnings Beat

AppLovin shares surged over 17% in after-hours trading on Wednesday, according to Benzinga. The rally followed the company’s first-quarter report, which showed revenue of $1.48 billion and earnings of $1.67 per share, both above analyst estimates. Advertising revenue jumped 71% year-over-year, offsetting a 14% drop in Apps revenue. For the current quarter, AppLovin expects advertising revenue of $1.19 to $1.21 billion and adjusted EBITDA between $970 million and $990 million. Shares rebounded 17.32% in after-hours trading Wednesday after falling earlier in the day following a short report from Muddy Waters Research.