Summary by Moomoo AI
AppLovin Corporation reported robust Q2 2024 financial results, with total revenue increasing 44% year-over-year to $1.08 billion. Software Platform revenue, driven by AppDiscovery's improved performance, surged 75% to $711 million, while Apps revenue grew 7% to $369.1 million. The company achieved net income of $310 million, up significantly from $80.4 million in Q2 2023.Operating performance showed strong momentum with Adjusted EBITDA reaching $601.2 million, representing a 55.7% margin. The Software Platform segment demonstrated exceptional growth with Segment Adjusted EBITDA increasing 91% to $520.5 million, while Apps Segment Adjusted EBITDA rose 33% to $80.7 million. Operating cash flow for the first half of 2024 was $847.3 million.The company continued its strategic initiatives, including enhancing its AI-powered advertising engine AXON and optimizing its Apps portfolio. In March 2024, AppLovin amended its credit agreement to reduce interest rates and restructured its term loans. The company maintained strong liquidity with $460.4 million in cash and cash equivalents as of June 30, 2024, with $500 million remaining available under its share repurchase program.
