New York, February 20, 2026, 19:01 EST — After-hours
- AppLovin shares picked up 1.6% during late after-hours action, though they slipped from their earlier peak of the day
- The ad-tech firm remains under SEC investigation, according to a report.
- A job listing mentioned work on a “next-generation social platform,” while an insider filing pointed to a share conversion and a gift.
AppLovin Corp (APP.O) picked up 1.6% to $418.68 in late after-hours action Friday, following news that the U.S. Securities and Exchange Commission remains in probe mode on the mobile ad company. Shares touched $443 earlier but surrendered most gains by the close.
Timing is a factor here. Investors desperate for signs of a new growth driver at AppLovin often jump in, but a new regulatory headline can knock the wind out of that momentum in an instant.
AppLovin provides tools for app developers to place, price, and monitor ads. Stricter regulations on targeted advertising—using data to tailor ads—or shifts in partner policies can quickly hit the company’s revenue.
Bloomberg was told by the SEC it won’t release documents related to AppLovin due to an “active and ongoing” investigation, Reuters reported. According to the agency, making the information public could open the door to evidence tampering, witness intimidation, or even put those assisting the probe at risk. The Reuters story also notes that, so far, the SEC hasn’t alleged any misconduct by AppLovin or its leadership. (Reuters)
Over on AppLovin’s Greenhouse jobs board, there’s a posting looking for a founding backend engineer to help “architect the digital backbone” of what it calls a “next-generation social platform.” The role mentions work on media delivery, content discovery, and real-time social features. Bloomberg on Thursday said AppLovin is gearing up to launch a social networking platform, after its attempt last year to acquire TikTok’s non-China business didn’t pan out. (Greenhouse)
Launching a consumer-facing platform would push AppLovin up against social-media giants like Meta Platforms and Snap, and might give it richer direct data to power its ad sales. There’s a catch: building such a product isn’t cheap, and so far, the company hasn’t released any timeline for when it might make its debut.
AppLovin’s annual 10-K, filed Thursday, lists 2025 revenue at $5.48 billion and net income of $3.33 billion. The company also recorded roughly $2.19 billion in common stock buybacks over the year. (SEC)
Director and 10% owner Herald Y. Chen converted 150,000 Class B shares into Class A, then gifted 100,000 Class A shares, according to a separate Form 4 insider filing. No sale price was recorded. The transactions took place on Feb. 13, with the form filed Feb. 18. (SEC)
The dynamic is hard to miss: adding a social platform might give AppLovin bigger horizons, but an SEC enforcement move—or a clampdown on mobile targeting data—could squeeze the ad business that keeps everything running. Intraday, the stock’s sharp moves show just how twitchy the action gets.
U.S. markets closed for the weekend sets up Monday’s open as the next checkpoint. Traders are eyeing whether AppLovin keeps its momentum—and waiting on new filings or statements that might shed light on the SEC probe or the full extent of the social-platform push.
