By Mackenzie Tatananni
AppLovin stock was falling sharply Monday after the software company wasn't added to the S&P 500 during the index's quarterly rebalancing.
Shares of AppLovin fell 16% to $338.84 and were on track for their lowest same-day percentage decrease on record, according to Dow Jones Market Data. Coming into Monday, the stock had soared 750% this year.
Barron's reported Friday that the stock was a promising candidate to join the S&P 500, seeing as it boasted one of the largest market values of any companies not included in the index. Workday and Apollo Global Management were the only two companies added to the index on Friday.
AppLovin, a California-based tech company, was founded in 2012 to help app developers reach new audiences. At the heart of the business is an in-house artificial-intelligence program called Axon that targets advertisements to users.
Revenue jumped 39% to $1.2 billion in the quarter ended Sept. 30, while earnings before interest, taxes, depreciation and amortization climbed 72% to $722 million.
The company began trading on the Nasdaq in April 2021 at an initial public offering price of $80. It has gained 330% from its IPO price on Monday and up 427% from the closing price on its first trading day.
As AppLovin declined Monday, competitors also fell. Trade Desk was down 3.9% to $133.67.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 09, 2024 12:23 ET (17:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。