AppLovin Corporation (APP) reported strong first-quarter 2025 earnings, with adjusted earnings per share (EPS) of $1.67 surpassing estimates of $1.42 and revenue of $1.48 billion exceeding the expected $1.38 billion, marking a 40% year-over-year increase. Adjusted EBITDA rose 83% to $1.01 billion, achieving a 68% margin. The company generated $826 million in free cash flow and announced an agreement to sell its mobile gaming business to Tripledot Studios for $400 million in cash plus a 20% ownership stake. Despite a 14% decline in apps revenue to $325 million, AppLovin's stock rose over 13% after hours. For the second quarter, the company forecasted advertising sales of $1.20 billion and EBITDA of $980 million, both above estimates. Carvana Co. (CVNA) also posted record first-quarter results with revenue of $4.23 billion beating estimates of $3.98 billion and a net income of $373 million. Adjusted EPS was $1.51, well above the $0.65 estimate. The company sold 133,898 retail units, a 46% increase year-over-year, and reported an adjusted EBITDA of $488 million with an 11.5% margin. Despite strong earnings and record sales, Carvana's stock declined slightly after the report but later surged on strong market reaction. CEO Ernie Garcia noted resilience amid rising used car prices. DraftKings Inc. (DKNG) reported first-quarter 2025 revenue of $1.41 billion, up 20% year-over-year but slightly below the $1.44 billion consensus. Adjusted EPS was $0.12, below the $0.22 estimate. Monthly unique payers increased 28% to 4.3 million, though average revenue per payer declined 5% year-over-year. The company cited a lack of March Madness upsets as a factor limiting forecast increases. Despite this, DraftKings shares gained in pre-market trading. Overall, these companies delivered earnings that mostly beat expectations, with AppLovin and Carvana showing robust growth and profitability, while DraftKings faced some margin pressure despite customer growth.