AppLovin climbs on $800 million game portfolio sale, strong Q1 earnings

Shares of marketing platform AppLovin APP.O rise 14.6% to $347.90 premarket

Late on Wednesday, APP said it is selling its mobile game portfolio to London-based mobile game developer Tripledot Studios for about $800 million in a cash and stock deal

Tripledot will gain 10 new game studios and add popular games like Cash Tornado and Wordscapes to its collection

The deal will increase Tripledot's presence to 17 more cities across North America, Europe, and Asia

On Wednesday, APP also posted Q1 sales of $1.48 bln, above analysts' est of $1.38 bln - LSEG

APP reported Q1 profit of $1.67/share, compared with 67 cents/share, a year ago

As of last close, stock down 6.3% YTD