AppLovin has been on a wild ride for the past couple of years.
Its shares traded at around $80 in 2024, reached $720 in late 2025 and now trade at $340.
In that short time, AppLovin has fought off short-seller attacks, navigated a downturn in casual gaming apps – its core market – and watched investors sour on SaaS stocks.
AppLovin’s market cap fell from roughly $245 billion to around $106 billion today.
The path back runs through advertising – specifically, expanding beyond its mobile gaming roots.
