AppLovin shares fell 4% Wednesday after Edgewater Research analyst Joe Wittine warned that the company was not expanding market share and might face pressure from rivals, including Unity. He forecast fourth-quarter sequential revenue growth of 8% to 9%, below analyst consensus.
Reports said Wittine’s assessment followed channel checks with AppLovin business partners and/or clients. In June, he had upgraded the stock from neutral to outperform, citing efforts across the mobile video game industry to boost ad revenue as a potential lift for AppLovin.
