Applovin Reportedly Selling Gaming Unit To Tripledot Studios In $900-Million Deal

Reportedly, American mobile technology company Applovin Corp APP plans to sell its games unit to Tripledot Studios in a $900 million deal.

Tripledot Studios, worth $1.4 billion, specializes in popular mobile games, Business Insider reports. 

Benzinga reached out to AppLovin for a comment.

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The stock is trading lower on Wednesday.

Previously, Fuzzy Panda Research and Culper Research issued short reports on the stock for allegedly stealing Meta Platforms Inc’s META data, alleged fraud by Axon 2.0 – a machine-learning algorithm – and was at risk of being removed from app store platforms for violating terms.

 Applovin reported fourth-quarter revenue of $1.37 billion, up 44% year-over-year, beating analyst estimates of $1.26 billion. The company reported fourth-quarter earnings of $1.73 per share, beating analyst estimates of $1.25.

Applovin expects first-quarter revenue of $1.36 billion-$1.39 billion versus estimates of $1.32 billion. 

Applovin stock surged over 417% in the last 12 months. Most Wall Street firms have raised their price targets on the stock in the previous 12 months. The company topped its quarterly results in seven out of the last eight quarters.

Price Action: APP stock is down 2.00% at $320.61 at last check Wednesday.

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