US Stocks Movement | AppLovin (APP.US) plunges over 20% as Q3 guidance falls short of expectations

智通财经APP reported that on Thursday, leading mobile advertising platform AppLovin (APP.US) plunged more than 20% to $333.71. According to its financial report, for the second quarter ending June 30, AppLovin recorded revenue of $1.92 billion, a year-on-year increase of 53%, but still below the analyst consensus estimate of $1.94 billion. Adjusted earnings per share reached $3.76, slightly higher than the market consensus of $3.75. Net profit soared to $1.27 billion, up 55% from $820 million in the same period last year. Adjusted EBITDA was $1.61 billion, an increase of 58% year-on-year. However, what raised concerns in the market is that these results not only failed to beat Wall Street expectations, but even fell short of AppLovin's own internal guidance.