1211 ET - AppLovin's fourth-quarter advertising revenue came in well above the expectations of the vast majority of investors polled by BofA Securities analysts. The mobile-advertising-technology company's AI-engine push has shown efficacy with e-commerce categories such as fintech, insurance, healthcare and automotive, which surprised the analysts as well. "The additional demand density from e-commerce appears to have driven the take rate to new highs," the analysts add, noting that they assume a rapid succession of model enhancements in AppLovin's e-commerce model independent of gaming ads. BofA Securities raises its target price to $580 from $375 a share previously on the company's improved outlook. Shares jump 28%, to $487.21, a share. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
February 13, 2025 12:11 ET (17:11 GMT)
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