markets

Luke Kawa11/5/25

AppLovin enjoys wave of price target hikes after posting better than expected quarterly results

AppLovin is rising in premarket trading, after the ad tech company yesterday reported top- and bottom-line results that modestly exceeded expectations and posted guidance for the current quarter that struck a similar chord.

Wall Street is reveling in the results with a boatload of price target hikes: UBS to $840 from $810, Piper Sandler to $800 from $740, Wedbush also to $800 from $745, Scotiabank to $750 from $575, Goldman Sachs to $720 from $630, BTIG to $705 from $693, and JPMorgan to $650 from $425.

The Q3 numbers:

Revenue: $1.41 billion (compared to an analyst consensus estimate of $1.34 billion and guidance for $1.33 billion)
Adjusted EBITDA: $1.16 billion (estimate: $1.09 billion, guidance: $1.08 billion)

Q4 guidance:

Revenue: $1.585 billion (estimate: $1.54 billion)
Adjusted EBITDA: $1.315 billion (estimate: $1.27 billion)

Shares are up more than 2% as of 9:45 a.m. ET.

After its Q2 report, CEO Adam Foroughi said that the real “fun” starts this quarter, as the company began to open its self-service ad portal on a referral basis on October 1. Bank of America analyst Omar Dessouky is especially bullish on this channel, expecting the company to book 4,000 large advertisers after the portal becomes fully available for onboards in the first half of 2026.

However, Q4 has not been fun for the ad tech company thus far. Shares are down about 15% since the end of September, with the bulk of the decline catalyzed by a report that the SEC is investigating its data collection practices, which was followed by another report indicating that multiple state regulators are also looking into the same matter.

“Legal risk lingers: AppLovin has denied short-seller claims about its Array product, which was later shut down amid possible probes by the SEC and some US state regulators,” Bloomberg Intelligence technology analyst Nathan Naidu wrote ahead of this report. “A related class-action suit filed in March could cost up to $750 million if it proceeds to trial.”

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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