AppLovin's stock surged over 700% in 2024 and was the top performer in the sector, thanks to the AI boom and growth in online advertising.
But the company's shares dropped 12% in February after short sellers published reports casting doubt on its AI-powered AXON advertising software.
Separately, AppLovin published a blog post on Wednesday, describing a proposed deal with ByteDance's TikTok. The company said it would not buy the TikTok U.S. operations but rather merge with the social media company, allowing it to cover "all assets outside China."