:max_bytes(150000):strip_icc()/GettyImages-2201540509-d6ae491a8d5248a581b83d311c2a9168.jpg?w=1920&resize=1920,1267&ssl=1 "AppLovin Stock Rockets Higher on Sale of Mobile Gaming Division")
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Applovin (App) announced the sale of its mobile game business with the first quarter earnings, with the top expectations of analysts, sending shares in extended business on Wednesday.
The company, whose software helps mudlizing gaming apps with targeted advertisements, sold its mobile game segment privately to Tripldot Studios in cash at $ 400 million. Applovin said that it would hold a 20% stake in the triple after the transaction, which the company expects to shut down in the second quarter.
Applovin’s shares increased over 13% in the hour trading. The stock was 6% below Wednesday from around 2025, but over quadruple price in the last 12 months.
In the first quarter, Applovin reported a revenue of $ 1.48 billion, above 40% year-by-year and the analyst’s consensus from the visual alpha. Crossing the estimates of Wall Street, a year ago, a net income of $ 576.42 million per share, $ 236.18 million, or $ 1.67 per share per share.
Further, the company said it estimates an advertising revenue of $ 1.2 billion to $ 1.22 billion in the second quarter, above analysts of $ 1.11 billion.
The results come after a hard start for Edtech company’s stock, following allegations of “scammy” practices by small seller Muddy Waters, which stated on Wednesday that a blog post of Applovin officials said in response to the claims of “displaybinley statements”. The allegations of Muddy Waters followed similar reports from two other short-seller firms in February.
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