Gaming

AppLovin Shares Fall 19% in Market Debut


Shares of AppLovin Corp. ended their first day of trading down 19%, after the mobile-apps company raised $1.8 billion in its initial public offering.

The company’s stock closed at $65.20, compared with its IPO price of $80 a share. The Silicon Valley-based company is valued at more than $25 billion, based on its closing price Thursday.

AppLovin makes tools for developers of smartphone apps to improve marketing and revenue. It also runs more than 200 of its own mobile-game apps.

The two sides of the business are complementary, Chief Executive Adam Foroughi said, because the data that AppLovin gleans from how users play its games yields insights that its enterprise customers can use to market their apps.

That capability gives AppLovin an advantage amid rising concerns about how apps share data with third parties, Mr. Foroughi said in an interview. Because it can study data from its own apps, AppLovin has less of a need to access data from its enterprise customers’ apps, he said.



READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.