PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported second-quarter profit of $819.5 million.
On a per-share basis, the Palo Alto, California-based company said it had net income of $2.39. Earnings, adjusted to account for discontinued operations, came to $2.26 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.99 per share.
The mobile app technology company posted revenue of $1.26 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $1.21 billion.
For the current quarter ending in September, AppLovin said it expects revenue in the range of $1.32 billion to $1.34 billion.
AppLovin shares have climbed 21% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $390.57, increasing fivefold 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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