PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported third-quarter profit of $108.6 million.
The Palo Alto, California-based company said it had profit of 30 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.
The mobile app technology company posted revenue of $864.3 million in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $794.4 million.
AppLovin shares have nearly quadrupled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.12, more than doubling in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APP at https://www.zacks.com/ap/APP