By Ben Glickman

AppLovin reported a better-than-expected profit in the second quarter as the company's sales rose. The software company posted net income of $80.36 million, or 22 cents a share, while analysts polled by FactSet expected earnings of 8 cents a share. Shares climbed 24% to $36.48 in after-hours trading.

Walt Disney said it would significantly raise prices for its Disney+ and Hulu streaming services as it looks to make its direct-to-consumer business profitable. The streaming segment's loss narrowed in the second quarter, posting a loss of $512 million compared with $1.06 billion a year earlier. Disney shares rose 2.7% to $89.87 in after-hours trading.

Galera Therapeutics said the Food and Drug Administration told the company that results for one of its drug candidates weren't enough to warrant approval. The company said it would reduce its workforce by 70% in order to extend its cash runway following the FDA's decision. Shares fell 82% to 41 cents in after-hours trading.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

August 09, 2023 19:55 ET (23:55 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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