Why AppLovin Stock Surged Higher This Week
Shares of AppLovin (NASDAQ: APP), an adtech company, spiked by 12.4% this week, according to data compiled by S&P Global Market Intelligence, after the company reported better-than-expected revenue and earnings and said it would sell its gaming division.
The sale will not only generate cash for AppLovin, but allow the company to focus more on its adtech business, which is the company's fastest-growing segment.
Investors may also be responding to the AppLovin CEO's blog post expressing interest in merging with TikTok Global (for assets outside of China). No official deal has been announced, and the company said the move is admittedly "a long shot."
Source Fool.com
