AppLovin Corp (NASDAQ:APP) reported its second-quarter 2026 results after the market close on Wednesday, and the numbers were a mixed bag. The ad-tech company beat on earnings but missed on revenue, and investors didn't take it well. Here's what you need to know.
AppLovin Stock Drops on Mixed Q2 Results
MarketDash
AppLovin Corp (NASDAQ:APP) reported Q2 2026 earnings that beat on EPS but missed on revenue, sending shares down in after-hours trading.
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AppLovin Q2 Earnings Highlights
Revenue came in at $1.924 billion, just shy of the $1.935 billion analysts were looking for, according to market data. But earnings per share of $3.76 topped the expected $3.67. So, a beat on the bottom line, a miss on the top.
Revenue was up 53% year-over-year, which is solid growth by any measure. Cash flow from operations hit $869 million, and free cash flow was $863.3 million. The company also repurchased $551.3 million of its own stock during the quarter, and ended the period with about $3.05 billion in cash and equivalents.
Looking ahead, AppLovin guided third-quarter revenue in the range of $2.055 billion to $2.085 billion, versus the $2.068 billion consensus. That's a bit of a mixed signal: the midpoint is slightly below estimates, but the range includes it. The company also expects adjusted EBITDA of $1.71 billion to $1.74 billion for Q3.
Management will discuss the quarter on an earnings call scheduled for 5 p.m. ET.
APP Shares Fall After The Close
Investors weren't thrilled with the results. AppLovin shares were down 19.34% in after-hours trading, sitting at $337.02 at the time of publication on Wednesday, according to market data.
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