Valued at a market capitalization of $112 billion, AppLovin (APP) is a mobile technology company that helps businesses grow their customer base. Its services include mobile advertising, data analytics, and marketing. The tech stock went public in April 2021 and has since returned close to 400%, crushing broader market returns comfortably. However, it also trades 37% below its all-time highs due to broader market weakness and a couple of short-seller reports.
On Wednesday, Feb. 26, AppLovin stock fell by 12% after two short-seller reports questioned the legitimacy of its AI-powered AXON advertising software, which helped make it the top-performing tech stock of 2024.
