AppLovin: Q3 Earnings Snapshot

PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported third-quarter net income of $835.5 million.

On a per-share basis, the Palo Alto, California-based company said it had net income of $2.45.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.37 per share.

The mobile app technology company posted revenue of $1.41 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $1.35 billion.

For the current quarter ending in December, AppLovin said it expects revenue in the range of $1.57 billion to $1.6 billion.

AppLovin shares have increased 91% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $618.50, more than tripling 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