California-based mobile app tech company AppLovin has revealed its financial results for the fourth quarter of 2022, reporting a revenue of $702 million. While that’s down 11% year-over-year, it’s slightly above the company’s previous projection of $685-700 million.
AppLovin’s software platform revenue increased by 24% Y/Y to $304 million, accounting for 44% of its total revenue. Its apps revenue, on the other hand, declined 28% to $396 million.
Meanwhile, the company reported a full year revenue of $2.82 billion, and net losses of $192.95 million.
Although AppLovin had a financially successful year, its stock price also dropped 77% in the last 12 months, partially as a result of its unsuccessful attempt to acquire Unity in a $20 billion all-stock deal. According to Marketwatch, the company had a valuation of $40 billion during the pandemic, but it was below $5 billion last Wednesday.
However, AppLovin’s shares increased by 30% in after-hours trading following its announcement, largely thanks to its projections for the first quarter of this year that signal stability. The company expects to generate $685-705 million in revenue in Q1 2023, while Wall Street expects it to be $689 million.