Is Investing in AppLovin (APP) Stock a Smart Move Before Q1 Earnings Release?

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AppLovin Corporation (APP) is set to report its first-quarter 2024 results on May 8, with an impressive earnings surprise history.
The stock has seen a significant increase of 82% year to date, outperforming its industry’s 8% rally.
In 2023, APP’s total revenues surged 17% year over year, primarily driven by a 76% increase in revenue in the Software Platform business.

AppLovin Corporation is set to report its Q1 2024 results, with a history of surpassing earnings estimates. The stock has seen a significant increase this year, outperforming its industry.

Impressive Stock Performance & Valuation

APP has seen a massive 82% gain year to date, significantly outperforming the 8% rally of the industry it belongs to. It is currently trading at a forward sales multiple of 16.93X, above its median of 14.38X over the last five years and the industry’s 6.91X. On the basis of EV-to-EBITDA, APP is currently trading at 23.95X compared with the industry’s 59.74X. In terms of the Price/Earnings ratio, APP shares are trading at 27.08X forward earnings, well below the industry’s 42.88X.

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