00:00It's Benzinga, bringing Wall Street to Main Street.
00:02AppLovin shares have fallen 60% from their all-time high,
00:06cutting the company's valuation from $246 billion to about $104 billion
00:12as several analysts lowered their price targets, according to Benzinga.
00:16Morgan Stanley cut its target from $650 to $450,
00:21while BTIG and Evercore also reduced their targets but maintained bullish views.
00:25The cuts followed weaker-than-expected financial results,
00:29including nearly $2 billion in revenue and $1.5 billion in adjusted EBITDA.
00:35Management blamed weakness in its gaming business.
00:38Analysts still expect current quarter revenue to rise 47.3% year-over-year to $2.07 billion,
00:45and full-year revenue to climb 47.8% to $8.1 billion.
00:51Technical patterns suggest the stock could rebound toward $400.
00:55For all things money, visit Benzinga.com.
