AppLovin reported Q1 2023 results yesterday: the company reported $715MM in overall revenue, $10MM above the high end of its guidance, with its Software Platform delivering $355MM for year-over-year growth of 8% (not accounting for publisher bonuses, paid out in Q1 of last year, related to AppLovin's acquisition of MAX). The Software Platform saw adjusted EBITDA of 62%, although overall net margin of -1%. The company's apps business revenue declined by 29% on a year-over-year basis to $361MM. The company noted in its shareholder letter that it expects "steady overall performance for the business" in Q2. As I write this, AppLovin's stock is up 27% from yesterday's close.
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