The ad-tech firm said in February that it had signed a term sheet to sell its apps business for "total estimated consideration" of $900 million, which included $500 million in cash.

AppLovin's business has been split between advertising and apps, which is primarily made up of game studios that the company has acquired over the years. With the historic growth in its advertising unit, due to rapid advancements in artificial intelligence, the apps business had become much less important.

Sales of the company's apps-related business for the quarter came in at $325 million, which was a 14% decline from the prior year.

The company logged $1.16 billion in first-quarter advertising sales, up from $678 million a year ago.