New York, February 9, 2026, 10:47 EST — Regular session
- AppLovin jumped roughly 12% early this day, helped by Jefferies sticking with its Buy call.
- After a punishing stretch for software names, the stock remained off roughly 40% year-to-date as of Friday’s close.
- Next up: investors eye AppLovin’s Feb. 11 earnings and what the company signals for its outlook.
AppLovin Corp (APP.O) rallied roughly 12% Monday, snapping back after last week’s tech slump. Jefferies weighed in, defending the mobile advertising firm and reaffirming its bullish view.
This comes as software and services stocks have been under heavy selling pressure, with investors spooked that rapid-fire AI developments could disrupt long-standing business models. AppLovin shares have dropped more than 40% since the tech rally topped out in late October—a decline that’s also hit names like Oracle and ServiceNow. Options traders aren’t exactly calm: 30-day implied volatility on the iShares Expanded Tech-Software ETF is still at 41%. Short interest in the fund remains close to recent highs, according to Reuters. 1
Jefferies’ James Heaney isn’t backing down. He kept his Buy rating and stuck with the $860 target, describing the stock’s slide so far this year as “a great buying opportunity.” Heaney argued in his note that concerns over CloudX, Meta’s Audience Network, and Google’s Genie look “overblown,” and points out AppLovin is trading at roughly 15 times his projected fiscal 2027 EBITDA—excluding interest, taxes and non-cash items. 2
AppLovin shares are climbing before the company releases its fourth-quarter and full-year 2025 results, slated for after the U.S. close on Wednesday, Feb. 11. CEO Adam Foroughi and CFO Matthew Stumpf plan to hold a webinar at 5 p.m. ET. 3
Investors want details on ad demand, AppLovin’s speed moving past gaming, and any signs that buzz about AI-based marketing tools is actually landing in spending plans—especially in what execs choose to highlight.
Monday’s spike offers little relief for bulls facing stubbornly weak sentiment in software. Traders continue snapping up protection. Unless AppLovin’s results—or its forward guidance—put the growth worries to rest, the stock could quickly surrender its gains, especially with the market quick to punish pricey names.
