PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported first-quarter net income of $236.2 million, after reporting a loss in the same period a year earlier.
The Palo Alto, California-based company said it had net income of 67 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The mobile app technology company posted revenue of $1.06 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $970.4 million.
For the current quarter ending in June, AppLovin said it expects revenue in the range of $1.06 billion to $1.08 billion.
AppLovin shares have climbed 86% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $74, more than quadrupling in the last 12 months.
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