Applovin Q3 Earnings: Revenue And EPS Beat, Management Transition

Benzinga2023-11-09

Applovin Corp (NASDAQ: APP) shares traded higher in Wednesday's after-hours session after the company reported better-than-expected financial results.

Q3 Revenue: $864 million beat estimates of $797 million
Q3 EPS: 30 cents beat estimates of 27 cents

Software platform revenue was up 65%, while Apps revenue fell 11%. Total revenue grew 21% year-over-year.

Net cash from operating activities came in at $199 million, and free cash flow was $194 million in the third quarter.

"We are thrilled to announce our best quarter ever leading to very strong financial results," said Adam Foroughi, co-founder and CEO of AppLovin.

Applovin also announced a management transition. President and CFO Herald Chen will step down from his full-time role at the end of the year, but will remain a member of the board and serve as an advisor to the CEO.

Matt Stumpf, current vice president of finance and FP&A, has been appointed as CFO and current vice president controller Dmitriy Dorosh has been designated principal accounting officer, both effective Jan. 1, 2024.

APP Price Action: Applovin shares were up 15.9% after hours.

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