On this episode of Stock Movers:
- AppLovin (APP) shares are up after the AI-powered advertisement platform reported first-quarter results that beat expectations. It gave an outlook for 2Q, and projected ad revenue beating forecasts too. The company also agreed to sell its video-games unit to London-based Tripledot Studios to focus on its advertising technology business.
- Coinbase (COIN) shares are higher. The company agreed to acquire Deribit, the world’s largest exchange for Bitcoin and Ether options, for $2.9 billion as the biggest US crypto exchange makes a push into the derivatives market. The purchase marks one of the most-significant acquisitions in the crypto industry’s history and comes as Donald Trump’s return to the White House sparks a wave of deal-making among crypto companies.
- Carvana (CVNA) shares jumped after the online used-car retailer doubled its profits in the first quarter with record vehicle volume and reported revenue that beat the average analyst estimate.
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