News Summary

• AppLovin made $1.9 billion in Q2, most of which was recorded as net income.
• Shares fell by more than 20% in after-hours trading.
• The company has not put a major marketing push behind the consumer ads platform, despite its recent launch from beta and rebranding.
• The same lipstick video ad that’s generating sales in mobile apps “should port really well to television,” said Tim Nollen, media and tech analyst at the equity bank SSR.