PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported fourth-quarter earnings of $599.1 million.
On a per-share basis, the Palo Alto, California-based company said it had net income of $1.73.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.
The mobile app technology company posted revenue of $1.37 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $1.26 billion.
For the year, the company reported profit of $1.58 billion, or $4.53 per share. Revenue was reported as $4.71 billion.
For the current quarter ending in March, AppLovin said it expects revenue in the range of $1.36 billion to $1.39 billion.
AppLovin shares have risen 17% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $380.32, increasing eightfold 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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