PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported fourth-quarter profit of $1.1 billion.
The Palo Alto, California-based company said it had profit of $3.24 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.89 per share.
The mobile app technology company posted revenue of $1.66 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $1.61 billion.
For the year, the company reported profit of $3.33 billion, or $9.75 per share. Revenue was reported as $5.48 billion.
For the current quarter ending in March, AppLovin said it expects revenue in the range of $1.75 billion to $1.78 billion.
AppLovin shares have fallen 32% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $456.81, a climb of 22% 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
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