Applovin Corp. (APP) experienced a surge of over 15% in its stock price during extended trading hours on Wednesday following the release of its impressive quarterly results.
Record-Breaking Net Income and Earnings
In Q3, Applovin reported a notable increase in net income, reaching $107.9 million, equivalent to 30 cents per share. This compares to $23.7 million, or 6 cents per share, generated during the same period last year. FactSet analysts had projected earnings of 27 cents per share.
Moreover, Applovin also exceeded expectations with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $419 million, surpassing the estimated $355 million.
Impressive Revenue Growth
The company experienced a substantial increase in revenue, with $864 million generated in Q3 compared to $713 million in the previous year. This exceeded the FactSet consensus of $796 million.
Leadership Transition Announcement
Herald Chen, President and Chief Financial Officer of Applovin, has revealed plans to transition from his full-time role with the company at the end of 2023. Despite this transition, Chen will remain a board member and will continue to provide guidance to the CEO.
Chief Executive Adam Foroughi expressed his excitement about the outstanding financial results achieved in Q3. With the company’s performance exceeding expectations and demonstrating significant growth, Applovin Corp. continues to solidify its position as a leading app-monetization company.