AppLovin beats with results and forecast
AppLovin reported results on Wednesday for its first quarter.
Investors were liking the latest numbers from AppLovin Corp. on Wednesday, as its stock headed higher in the extended session.
The app-monetization company logged first-quarter net income of $234.8 million, or 67 cents a share, versus a loss of $4.5 million, or 1 cent a share, in the same quarter of last year. On an adjusted basis, AppLovin posted earnings before interest, taxes, depreciation and amortization of $549 million.
Analysts were modeling a 57-cent GAAP per-share profit as well as $496 million in adjusted Ebitda.
Revenue at AppLovin rose 48% to $1.06 billion, whereas analysts tracked by FactSet were looking for $974 million.
Shares were up 14.7% in Wednesday’s after-hours trading.
“We were encouraged to see improvement in the app advertising market with another quarter of year-over-year market growth and a continued shift to real-time bidding,” Chief Executive Adam Foroughi and Chief Financial Officer Matt Stumpf said in a shareholder letter. “By continuing to innovate and improve our AXON technology, we remain committed to driving growth not just for our company, but for the entire ecosystem we support.”
The AXON technology offering helps advertisers increase their scale.
AppLovin’s forecast for the current quarter brought upside as well.
The company is modeling $1.06 billion to $1.08 billion in revenue, along with $550 million to $570 million in adjusted Ebitda. Analysts were looking for $1.01 billion in revenue and $521 million in adjusted Ebitda.
