APP · AppLovin
AppLovin in 2024: a rebuilt ad engine and a repriced stock
2024 · +713% in the calendar year
For scale: buying every US stock breakout from 2018 to 2026 with no selection returned a median −22.6% a year later, measured on the 14,674 with a full twelve months of data. How it was measured
AppLovin sells software that decides which advertisements appear inside mobile apps, and at the start of this run it also owned a portfolio of mobile games. By the end of 2022 its market value had fallen to $3.91 billion. The recovery followed AXON 2, a rebuilt version of its ad-targeting engine, and a year later the company was worth $13.38 billion. On 15 February 2024, after fourth-quarter results, the stock rose 24% to a two-year high. The share price moved +713% in calendar 2024.
Short-seller reports and the sale of the games business followed, and the stock set a closing high of $733.60 in December 2025. In August 2026 AppLovin reported second-quarter revenue of $1.924 billion, up 53% but below the $1.94 billion analysts expected; management said the next large gain in its AI model's performance came only after the quarter ended. The stock fell about 20% on the report.
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Sources: StockAnalysis, AppLovin market cap history · Seeking Alpha, 15 Feb 2024 · FinancialContent, 1 Jan 2026 · Motley Fool, 9 Aug 2026. Price figures are split-adjusted, not dividend-adjusted.
The Runner Tape and its staff hold no financial or other interest, direct or indirect, in APP — no shares, no options or other derivatives, no compensation or arrangement of any kind connected with it — and have received no consideration from any person in connection with it being covered here.