Mobile app technology company AppLovin made its Nasdaq debut on Thursday starting with an estimated market cap of about $24 billion. President and CFO Herald Chen said the company will use the funds to continue the growth of the business.
AppLovin provides application developers the opportunity to promote, monetize, and publish games in the Apple and Google Play stores.
"The hardest part, though, is to get through the app store. There's millions of games being developed and there are billions of mobile phones and there are these two app stores you need to get through," Chen told Cheddar. "So you really need a great marketing engine to match those users with the right content, and that's what we do."
He said the company's public debut marks an opportune time for day traders and the like to invest as the future of the company looks bright.
"This ecosystem is extremely large. It's fragmented. We are a very large player in the category," he said. "We've had very good growth, our fourth quarter grew over 80 percent, and we continue to gain momentum."
AppLovin specializes in mobile game development and promotion and has become a leader in the field through various acquisitions, which Chen noted are always strategic with the goal of "building our trajectory for growth."
Mobile gaming, however, is not the ceiling for AppLovin, according to Chen. The CEO said that there is an opportunity for the company to expand into health and wellness, fintech, and even e-commerce. He also noted that the company's potential for profitability on a consistent quarterly basis lies in its ability to remain cash-flow positive, allowing the company to reinvest in itself.
AppLovin's stock fell after its debut from $70 to around $65 a share in afternoon trading.
Disney and Fortnite-maker Epic Games will collab on making new video games with Disney characters. Hopefully it will be more than Mickey Mouse hitting the Griddy.
Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs, leading to increased prices for chocolate. The company anticipates its full-year earnings per share being relatively flat, partly due to higher cocoa and sugar costs.
Prince Harry has reached an out-of-court settlement with a tabloid newspaper publisher that invaded his privacy with phone hacking and other illegal snooping. Attorney David Sherborne said that Mirror Group Newspapers had agreed to pay Harry’ “substantial” costs and damages.
An attorney representing passengers of an Alaska Airlines flight that lost a door plug in midair says a “whistling sound” was heard on a previous flight of the same Boeing 737 Max 9.
What do Arnold Schwarzenegger, Aubrey Plaza, and Tom Brady all have in common? You'll see them on Super Bowl Sunday, but not on the field. If you only watch the Super Bowl for the ads, here's a sneak peek.
The Federal Communications Commission knows (to loosely quote Drake) "when that [AI robocall] hotline bling, that can only mean one thing" — deception. The agency says bad actors have been using these voices to misinform voters.
