Shares of mobile tech company, Applovin (NASDAQ: APP) are up another 12% to $340.53.
All after the company crushed earnings. Earnings per share of $1.67 easily trounced estimates of $1.44. That was also up from just 67 cents a year earlier. Revenue soared to $1.48 billion, which was above expectations for $1.38 billion. Ad revenue jumped 71% year over year. Even better, the company’s second-quarter advertising business guidance was also above expectations, with its midpoint of $1.2 billion up 69% on the year.
Analysts at Jefferies reiterated their buy rating on PLTR with a price target of $530 – up from $460. “Despite highly impressive 71% y/y ad rev [revenue] growth, we believe the fastest growth still lies ahead,” said analysts led by Brent Thill, as quoted by Seeking Alpha.
Morgan Stanley reiterated its overweight rating with a price target of $420. “APP delivered a strong beat as the core gaming ads outperformed and non-gaming continued to build momentum with an estimated ~$150mn contribution to 1Q,” said the firm.
Even Wells Fargo reiterated its overweight rating with a price target of $405, up from $386. “Much better-than-expected 1Q results/2Q guide vs. a backdrop of investor trepidation created by multiple short reports,” said the firm.
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