AppLovin Corp. shares soared in the extended session Wednesday after the app-monetization company provided a strong forecast in a mobile-ad market that is widely regarded as weakening.
“For... AppLovin Corp. shares soared in the extended session Wednesday after the app-monetization company provided a strong forecast in a mobile-ad market that is widely regarded as weakening. “For the first quarter of 2023, we see the mobile ad market remaining relatively stable,” the company said in a letter to shareholders. “Developers continue to closely monitor their overall profitability and advertisers appear to be maintaining overall ad budgets and return on ad spend goals, informing our outlook for the quarter.”Both Palo Alto, Calif.-based AppLovin and San Francisco-based Unity Software Inc.