The company is selling its mobile apps business for $400 million. Shares of AppLovin (NASDAQ: APP), the app-based adtech platform, were soaring last month as the company reported strong first-quarter earnings report, and benefited from a broader recovery in the market and a risk-on mentality as investors downplayed the threat from tariffs and of a slowdown in the economy. Like other growth stocks, AppLovin was hit hard by the sell-off earlier in the year, as it fell by more than 50% after popping on a strong fourth-quarter earnings report in February.