AppLovin, the leading software company, has announced better-than-expected profits for the second quarter. The company’s sales have seen a significant increase, resulting in a net income of $80.36 million, or 22 cents per share. Analysts polled by FactSet had predicted earnings of only 8 cents per share. This impressive performance has led to a 24% surge in the company’s shares, which are now valued at $36.48 in after-hours trading.
Walt Disney Plans Price Hike for Streaming Services
In an effort to boost profitability within its direct-to-consumer business, Walt Disney has decided to raise prices significantly for its popular Disney+ and Hulu streaming services. Despite this, the streaming segment’s losses have actually narrowed during the second quarter. It posted a loss of $512 million compared to $1.06 billion during the same period last year. As a result of this positive development, Walt Disney shares have soared by 2.7% to reach $89.87 in after-hours trading.
Galera Therapeutics Faces FDA Rejection
Galera Therapeutics, a renowned pharmaceutical company, has received disappointing news from the Food and Drug Administration (FDA). The FDA informed Galera that the results for one of its promising drug candidates were not sufficient for approval. Consequently, the company has decided to downsize its workforce by a staggering 70% to extend its cash runway. Unfortunately, this news has caused Galera’s shares to plummet by 82%, now valued at just 41 cents in after-hours trading.
