Applovin Shares Are Up After Hours: What's Driving The Action?

Applovin Corp (NASDAQ:APP) shares are rising after the bell on the heels of the mobile app technology company's first-quarter results.

The Details: Applovin reported first-quarter revenue of $715.4 million, which came in ahead of consensus estimates of $693.51 million, per Benzinga Pro. The company reported a quarterly loss of 1 cent per share, which missed estimates for positive earnings of 7 cents per share.

Applovin generated $289 million of cash from operating activities and $283 million of free cash flow during the quarter. 

The company said it has repurchased $202 million of its common stock year-to-date. Applovin ended the quarter with $1.2 billion in cash and equivalents. 

"In the first quarter, we substantially completed the operational optimization of our Apps portfolio which included reducing operating costs and renegotiating earn-out arrangements. We also added to our existing portfolio by investing in several new game launches," the company said in a letter to shareholders.

Applovin sees second-quarter revenue of $710 million to $730 million. Adjusted EBITDA is expected to be between $280 million and $300 million.

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APP Price Action: Applovin shares were up 10.9% after hours at $19.75 at time of publication, according to Benzinga Pro.

Photo: courtesy of Applovin.