Applovin Corp App released its first quarter financial report after the market closed on Wednesday. Here are the key takeaways.
Q1 Revenue: Applovin surpassed analysts’ expectations with a revenue of $1.48 billion, beating the $1.38 billion forecast by Benzinga Pro. Earnings per share were reported at $1.67, while analysts had projected $1.45.
Total revenues grew 40% year-over-year. Notably, advertising revenues jumped 71%, although app revenues dipped by 14%. The cash flow from operations stood at $832 million for the quarter, with free cash flow at $826 million. By the end of the quarter, Applovin had roughly $551 million in cash.
Additionally, Applovin announced a significant agreement to sell its mobile gaming segment, Three Times the Studio, which includes a 20% stake in Triple Doe along with $200 million in cash. This deal is expected to close in the second quarter.
Outlook: For the second quarter, Applovin anticipates ad revenues to fall between $1.195 billion and $1.215 billion. The company projects ad-adjusted EBITDA to be in the range of $970 million to $990 million for the upcoming quarter.
Executives will delve deeper into the quarter during a conference call with investors and analysts at 5 PM ET.
App Price Action: Prior to the earnings report, Applovin shares faced some declines amid a brief report from Muddy Waters. However, they saw a notable uptick of 17.32% during the after-hours session on Wednesday, trading at $355.320 at the time of publication. Benzinga Pro.
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