Applovin (NASDAQ:) shares rose around 20% after-hours following the company’s reported and guidance.

Both revenue ($622.5 million) and EPS ($0.31) were lower than expected. 2022 revenue guidance has been lowered. EBITDA guidance is based on continued growth in the Software Platform and future operating improvements in Apps.

The company anticipates that revenue will be in the $3.14-$3.44 billion range for the entire 2022 year, as opposed to $3.69 billion.

Software Platform revenue guidance decreased to $1.14-$1.29billion from the previous $1.35-$1.50billion, while Apps revenue estimates fell to $2.00-$2.15billion from the $2.20-$2.35billion.

From the previous $1 billion, the adjusted EBITDA/Midpoint estimate has been raised to $1.20 Billion.

AppLovin’s shares fell 71% in the year to date going into these results.

By Davit Kirakosyan