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.
Matt Hougan, CIO of Bitwise Asset Management, gives Cheddar the latest on the Securities and Exchange Commission approval of bitcoin ETFs. Hougan calls this time a 'potential major milestone for bitcoin.'
LeBron James has agreed to an exclusive deal with Fanatics Collectibles. James and his son, Bronny, will appear together on a unique sports trading card to herald the Los Angeles Lakers superstar’s new multiyear partnership with Fanatics.
Joe Zhao, Managing Partner at Millennia Capital, joined Cheddar to discuss the latest stock moves and how the market is being impacted by artificial intelligence.
Wall Street was quiet early following a lackluster session a day earlier as markets await U.S. inflation data and high-profile corporate earnings reports later in the week.
The World Economic Forum says false and misleading information supercharged with cutting-edge artificial intelligence is the top immediate risk to the global economy.
CES 2024 starts this week in Las Vegas. It's set to feature swaths of the latest advances and gadgets across personal tech, transportation, health care, sustainability and more. Here's a list of the coolest announcements so far.
Astronauts will have to wait until next year before flying to the moon and another few years before landing on it. NASA on Tuesday announced the latest round of delays in its Artemis moon-landing program.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
The KC-46 was to be the ideal candidate for a fixed-price development program. Instead, it has cost Boeing billions, and made industry wary of such deals.
