Shares of adtech giant AppLovin tanked 19%, a new 52-week low, on Thursday following a second-quarter revenue miss. Revenue rose 53% year-over-year. "We've always managed this business with the goal of outperforming our own expectations, and this quarter we fell short of that standard," Foroughi told analysts. He added that the "pace of meaningful model improvement was lighter than normal during the quarter and the next step up in model performance landed just after quarter ended." Piper Sandler analyst James Callahan downgraded the stock to neutral on Thursday following the miss, slashing the bank's price target from $665 to $385.