AppLovin Corporation APP shares are trading higher Thursday after the company posted better-than-expected fourth-quarter financial results Wednesday after the bell.
The Details:
AppLovin reported quarterly earnings of 49 cents per share which beat the analyst consensus estimate of 36 cents by 36.11%. The company also announced a $1.25 billion increase to its share repurchase program.
AppLovin reported quarterly sales of $953.26 million, beating the analyst consensus estimate of $928.17 million by 2.7% and representing a 35.73% increase over sales of $702.31 million year-over-year. The company said Software Platform revenue increased to 60% of total revenue, up from 44% from the same period last year.
Wedbush analyst Nick McKay maintained AppLovin with an Outperform and raised the price target from $58.50 to $67 following the earnings report.
AppLovin shares are climbing on heavy trading volume as investors digest the results. According to data from Benzinga Pro, more than 12.4 million shares have been traded in the session compared to the stock’s 100-day volume of 3.012 million.
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APP Price Action: According to Benzinga Pro, AppLovin shares are up 25% at $58.65 at the time of publication.
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