On August 3, AppLovin Corporation rose 3.06% in pre-market trading, trading at $407.875/share, with turnover of $1.7232 million. The company is scheduled to report Q2 earnings on August 5 after market close, with consensus EPS expectations at $3.72, representing approximately 64.6% year-over-year growth.

On the news front, Wedbush Securities projected AppLovin to deliver Q2 revenue of approximately $1.97 billion and adjusted EBITDA of approximately $1.66 billion, both exceeding the company's prior guidance range. The brokerage also forecasts 4% to 6% sequential revenue growth for Q3. Meanwhile, Wall Street analysts collectively maintain a bullish stance, with an average price target of approximately $666, implying significant upside from current levels. Raymond James initiated coverage with a Strong Buy rating and a $640 price target. However, some caution remains as the self-serve advertising business expansion on the consumer platform is still ramping, with new advertiser signup pace running slower than expected and near-term revenue growth still primarily driven by existing clients increasing spend.

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