Earnings Results: Applovin stock falls after outlook cut amid big offer for Unity Software

by | Aug 10, 2022 | Stock Market

Applovin Inc. shares fell in the extended session Wednesday after the app-monetization company said it was rolling back its outlook for the year, a day after it offered to buy Unity Software Inc. for $20 billion. Applovin
reported a second-quarter loss of $21.7 million, or 6 cents a share, compared with net income of $13.3 million, or 4 cents a share, in the year-ago period. The company did not list adjusted earnings-per-share figures.

The company reported revenue of $776.2 million compared with revenue of $668.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of 16 cents a share on revenue of $819.6 million. Using Applovin’s forecast, FactSet calculated that represented adjusted earnings of 15 cents a share. The Palo Alto, Calif.-based company offers marketing, monetization and analytics software that helps app developers grow their businesses, similar to the software Unity 
sells to videogame makers. Read: AppLovin IPO: 5 things to know about the software company valued at nearly $30 billion Applovin had already pre-warned about results Tuesday, when it eclipsed Unity’s own earnings with a $20 billion offer for the company, which was valued at $15 billion at Tuesday’s close. Applovin’s o …

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