Stock Track | AppLovin Plummets 5% in Pre-Market as BofA Downgrades to Neutral, Q2 Miss Weighs

Stock Track

Aug 11

AppLovin Corporation (APP) shares plunged 5% in pre-market trading on Tuesday, extending losses after a downgrade from Bank of America Securities and lingering concerns over the company's recent quarterly results.

Bank of America cut its rating on AppLovin to Neutral from Buy and lowered its price target to $400 from $430, citing the company's second-quarter revenue miss and softer-than-expected third-quarter guidance. AppLovin reported Q2 revenue of $1.92 billion, up 53% year-over-year but below the $1.94 billion consensus, while its Q3 revenue outlook of $2.06 billion to $2.09 billion also fell short of estimates. The underperformance was attributed to delays in deploying a planned major AI model upgrade, though analysts at Morgan Stanley characterized the shortfall as a temporary execution issue rather than a structural problem.

The BofA downgrade follows a similar move by Piper Sandler, which earlier lowered its rating to Neutral and slashed its price target from $665 to $385, adding to the negative sentiment around the stock.

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AppLovin reported Q2 revenue of $1.92 billion, up 53% year-over-year but below the $1.94 billion consensus, while its Q3 revenue outlook of $2.06 billion to $2.09 billion also fell short of estimates. 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