AppLovin shares drop 17% after Q2 revenue miss

Shares of AppLovin Corporation plunged sharply on Thursday, August 6, 2026, after the mobile advertising technology company reported second-quarter revenue that narrowly missed Wall Street expectations and issued a third-quarter outlook that disappointed investors. The stock fell more than 17% during the trading session, hitting a new 52-week low near $108.

For the quarter, AppLovin reported revenue of $1.924 billion, a 53% increase compared to the same period last year. However, that figure fell short of the analyst consensus estimate of approximately $1.935 billion. The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.6 billion also landed below the lower end of its own prior guidance range. On a positive note, earnings per share came in at $3.76, meeting analyst forecasts and rising from $2.39 a year ago.

On an earnings call, CEO Adam Foroughi attributed the revenue shortfall to a timing issue. He explained that planned improvements to the company's core machine-learning advertising models, which were expected to boost performance in the quarter, were delayed in their deployment. Management stated those improvements are now...