Thu Nov 07 14:30:00 UTC 2024: ## AppLovin Soars 30% in October Driven by Analyst Attention and Strong Growth
**SAN FRANCISCO** – Shares of mobile-app monetization company AppLovin (NASDAQ: APP) surged 29.8% in October, fueled by increased attention from Wall Street analysts. The company, which had a market capitalization of just $3 billion in early 2023, has seen its stock skyrocket over 300% in 2024, driven by strong financial performance.
This surge in value has attracted the attention of analysts, who have begun covering the company for the first time or revising their price targets upwards. This bullish sentiment has further fueled AppLovin’s climb, with its stock benefiting from increased visibility and exposure.
AppLovin’s strong financial performance is behind its surge. In 2023, the company grew revenue by nearly 17% and turned a profit after a $193 million loss in 2022. This trend has continued into 2024, with revenue up another 46% year-to-date and net income reaching $546 million in the first half.
The company’s high-margin software revenue, powered by artificial intelligence (AI), is driving both its growth and profitability. Analysts believe the company has significant room for further growth, particularly as it expands beyond its core mobile gaming market into other categories and platforms like connected TV.
AppLovin is set to report its third-quarter 2024 financial results on November 6th. The company anticipates revenue growth of 30% year-over-year and adjusted EBITDA of $630 million to $650 million, a quarterly record. While the recent AI-driven growth surge may be nearing its peak, AppLovin’s long-term growth outlook remains positive, driven by its expanding reach and potential to monetize apps across various categories.
First Piper 