AppLovin (NASDAQ: APP) surged in pre-market trading at the time of writing on Thursday after the mobile technology company swung to a profit in Q2 and reported earnings of $0.22 per share as compared to a loss of $0.06 per share and above analysts’ consensus estimate of $0.10 per share.
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However, the company’s revenues declined by 3% year-over-year to $750 million, beating Street estimates of $741.63 million.
Looking forward, management now expects Q3 total revenues in the range of $780 million to $800 million, while adjusted EBITDA is projected to be between $340 million and $360 million.
Analysts are cautiously optimistic about APP stock, with a Moderate Buy consensus rating based on eight Buys, four Holds, and one Sell.