The company posted a profit of $1.44 billion, or $4.30 a share, for the third quarter, marking a substantial rise from the $835.5 million, or $2.47 a share, reported during the same period last year. Revenue climbed to $2.18 billion, comfortably beating the $2.07 billion consensus estimate from analysts polled by FactSet.
In section Market Quotes
AppLovin Shares Surge 23% Following Strong Third Quarter Growth
AppLovin shares jumped 23% to $334.06 in after-hours trading Wednesday after the advertising firm reported a significant profit increase and a $3.2 billion expansion of its share buyback program. The results surpassed Wall Street expectations, signaling a robust recovery for the company after a difficult year for its stock price.
Looking ahead, management set a confident outlook for the fourth quarter, projecting revenue between $2.365 billion and $2.395 billion. This forecast also exceeds current analyst expectations of $2.25 billion. Bolstered by these financial results, the board increased the company's total share repurchase authorization to $3.6 billion. Before this announcement, the stock had faced a challenging year, closing Wednesday at $271.75, down more than 55% year-to-date.
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