Why AppLovin Shares Are Rising During Monday's After-Hours Session

AppLovin Corp APP shares are trading higher by 2.86% to $29.33 during Monday's after-hours session after the company announced it does not intend to submit another proposal to combine with Unity and has withdrawn its Aug. 9 proposal.

AppLovin says the company saw potential in combining its profitable business model and machine-learning capabilities with Unity's Create platform. The opportunity was even more interesting given the market headwinds facing the industry.

Following careful consideration, AppLovin says it has concluded that its path as the independent market leader is better for its stockholders and other stakeholders. AppLovin will move forward with the intention of continuing to gain market share and expand its platform.

"We remain excited about the long-term growth potential of our core markets and AppLovin," said Adam Foroughi, CEO and Co-founder of AppLovin.

"Our experienced and dedicated team will continue to focus on what we can control, including continual improvements to our products and technology and expanding into newer high-growth markets."

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According to data from Benzinga Pro, Applovin has a 52-week high of $116.09 and a 52-week low of $23.37.