AppLovin revenue increased by 48% year-over-year to $1.06 billion in Q1 2024 as the company continues to see significant growth in its ads business.

Net income for the company rose to $236.2 million during the quarter, significantly up from a $4.5m loss in Q1 2023.

Breaking it down, AppLovin reported software platform revenue grew by 91% Y/Y to $678m in Q1. App revenue from its publishing business, meanwhile, rose by 5% Y/Y to $380m.

The company said that by the end of Q1, it had $436m in cash and cash equivalents.

Non-gaming ambitions

During the earnings call, as transcribed by The Motley Fool, AppLovin CEO Adam Foroughi said one of its focuses for future growth was to extend its services outside of games. He later noted, however, that the company still has no interest in getting into brand advertising, and instead focusing on performance-based advertisers.

“There is nothing that limits our models to just gaming,” he said. “By expanding into web-based marketing and e-commerce, we expect our AI models to improve with added demand diversity.”

He later added: “We're in a leadership position in a category that's pretty large. This isn't the largest and certainly isn't very fast growing, but we've got an opportunity to really go out and expand our business and go deliver value to companies all over the world well outside of mobile gaming and allow them to unlock value for their business through our use of AI.

“And that's something that we're very excited about and we think is going to continue to allow us to distance ourselves from other players in our ecosystem.”

At the time of writing, AppLovin currently has a market cap of $28.4 billion as its shares steadily close-in on its all-time high in November 2021.