Applovin Corp APP stock shot higher on Thursday following the upbeat quarterly print.
AppLovin shares surged nearly 45% on Thursday, hitting a record high after the mobile advertising company reported impressive third-quarter earnings and a positive outlook for the fourth quarter. For Q3 2024, AppLovin posted revenue of $1.2 billion, marking a 39% year-over-year increase.
AppLovin shares rocketed on Thursday after the online gaming and advertising company issued guidance that was well above estimates and reported better-than-expected earnings and revenue. The stock jumped 45%, bringing its gain for the year so far to over 500%
The company has a viable path to sustaining its impressive profitable growth trajectory.
Applovin (APP) shares are set to open at a record high Thursday morning after the company's third-quarter earnings and outlook for the fourth quarter each beat expectations.
The app-monetization company has had a stellar year, and shares are gaining again after a strong quarterly report.
While the top- and bottom-line numbers for AppLovin (APP) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
AppLovin (APP) came out with quarterly earnings of $1.25 per share, beating the Zacks Consensus Estimate of $0.95 per share. This compares to earnings of $0.30 per share a year ago.
The business is booming, and Wall Street is taking notice.
APP's third-quarter 2024 earnings and revenues are likely to increase year over year.
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AppLovin's 310% gain this year makes it the best-performing stock among all U.S. tech companies with a market cap of at least $5 billion, according to FactSet data. That puts pressure on the company to show impressive results when it reports earnings this week.