Earnings Preview: AppLovin Stock Bounces Off 52-Week Lows

AppLovin Corporation (NASDAQ:APP) will report third-quarter earnings after the close tomorrow, Nov. 4. Zacks Consensus Estimates call for earnings of $3.94 per share on revenue of $2.08 billion, representing year-over-year increases of 60.8% and 47.8%, respectively.

APP was last seen up 5.7% at $241.79, extending a bounce off its Oct. 30, 52-week low of $225.19, following a prolonged selloff that has made the software stock one of the S&P 500 Index's (SPX) worst performers in 2026. The equity's 14-day Relative Strength Index (RSI) of 27.7 also suggests "oversold" territory, while APP is down roughly 65% year to date.

AppLovin has a mostly positive post-earnings history. Looking back at the last 12 quarterly reports, the stock finished its post-report session higher 75% of the time, averaging a 9.5% gain and a 16.3% move, regardless of direction. This year, however, the shares suffered identical 19.7% post-earnings losses in August and February. The options pits are pricing in a 17% post-earnings move this time around, regardless of direction.

Options traders have been more bearish than usual ahead of the report. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), APP's 10-day put/call volume ratio of 1.16 ranks in the 96th percentile of its annual range. Today's options activity is more optimistic, however, with order-flow data showing positive net option delta volume of 23,806 shares.

Wall Street, meanwhile, remains overwhelmingly bullish. Of the 30 analysts covering APP, 21 rate the stock a "strong buy," two say "buy," and seven recommend a "hold," leaving plenty of room for downgrades should tomorrow's earnings disappoint.