Applovin Corp. shares surged 16% in Wednesday’s extended session after the app-monetization company blew past expectations with its latest quarterly results.
The company logged third-quarter net income of $107.9 million, or 30 cents a share, compared with $23.7 million, or 6 cents a share, in the year-earlier quarter. Analysts tracked by FactSet were projecting 27 cents a share in earnings.
Applovin
APP,
-1.88%
also recorded adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $419 million, while analysts were looking for $355 million.
Revenue jumped to $864 million from $713 million, whereas the FactSet consensus was for $796 million.
“We are thrilled to announce our best quarter ever leading to very strong financial results,” Chief Executive Adam Foroughi said in a release.
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Applovin also disclosed that Herald Chen, the company’s president and chief financial officer, plans to “transition from a full-time role with the company to pursue new career opportunities at the end of 2023,” although he’ll remain a board member and will continue to advise the CEO.
Matt Stumpf, currently the vice president of finance and financial planning and analysis, will take on the CFO role.
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