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Applovin Corp. shares were surging more than 15% 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,
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.
See also: Unity has lost developer trust, but Wall Street thinks CEO’s exit can help rebuild goodwill
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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