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 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.