BUZZ-AppLovin climbs on $800 million game portfolio sale, strong Q1 earnings
Shares of AppLovin rose 14.6% to $347.90 premarket following the announcement of an $800 million sale of its mobile game portfolio to Tripledot Studios. The deal includes 10 game studios and popular titles like Cash Tornado and Wordscapes, expanding Tripledot's reach. Additionally, AppLovin reported Q1 sales of $1.48 billion, exceeding estimates, with a profit of $1.67 per share, up from 67 cents a year ago. Despite this, the stock is down 6.3% year-to-date.
** Shares of marketing platform AppLovin APP.O rise 14.6% to $347.90 premarket
** Late on Wednesday, APP said it is selling its mobile game portfolio to London-based mobile game developer Tripledot Studios for about $800 million in a cash and stock deal
** Tripledot will gain 10 new game studios and add popular games like Cash Tornado and Wordscapes to its collection
** The deal will increase Tripledot's presence to 17 more cities across North America, Europe, and Asia
** On Wednesday, APP also posted Q1 sales of $1.48 bln, above analysts' est of $1.38 bln - LSEG
** APP reported Q1 profit of $1.67/share, compared with 67 cents/share, a year ago
** As of last close, stock down 6.3% YTD
