AppLovin Corp APP shares are climbing after the market closed Wednesday when the company reported its fourth-quarter financial results. Here's a look at the highlights.
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 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. Software Platform revenue increased to 60% of total revenue compared to 44% from the same period last year.
AppLovin announced an increase to its share repurchase program of $1.25 billion.
“2023 has been another phenomenal year of growth for AppLovin. Looking towards 2024, we see additional opportunities to improve our technology, broaden our customer base and expand into new content industries through our Connected-TV (Wurl) and OEM & Carrier (Array) initiatives,” AppLovin stated in a letter to shareholders.
“We remain steadfast in our commitment to delivering innovation and long-term value for our customers and shareholders as we grow.”
AppLovin sees first-quarter revenue in a range of $955 million to $975 million.
Related News: Fastly Stock Tanks After Mixed Q4 Results – Here’s Why
APP Price Action: According to Benzinga Pro, Applovin shares are trading up nearly 12.97% after-hours at $52.95 at the time of publication Wednesday.
Photo: Tung Nguyen from Pixabay
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