AppLovin's (APP) - Get Applovin Corp. Report shares rose Wednesday in after-hours trading after the mobile marketing software and video game provider beat analysts' estimates with revenue growing by 123% to $669 million year-over-year from $299 million.
Shares of the Palo Alto, Calif., company increased 4.2% to $60.97 in after-hours trading at last check. The stock had closed Wednesday up 2.3% to $58.50.
AppLovin reported second-quarter net income of $13.3 million, or 4 cents a share, versus a loss of $21.4 million, or 10 cents a share, in the same period a year ago.
Analysts surveyed by FactSet had forecast earnings of 4 cents a share on $641 million in revenue, according to a MarketWatch report.
"We are pleased to report excellent progress during 2Q21, advancing our software business at record rates resulting in our best financial performance yet," AppLovin CEO and co-founder Adam Foroughi said in a company statement. "Our strong execution and growth this quarter, in spite of anticipated industry headwinds around data privacy, speaks to the tremendous opportunity ahead for us and to the distinct advantages leveraging our ML-based software and proprietary first-party insights to help clients grow."
AppLovin's software enables mobile developers to market, monetize, analyze, and publish their apps through its mobile advertising, marketing and analytics. The company's first-party content includes more than 200 popular, engaging apps, and its technology brings that content to millions of users around the world.
In June, TheStreet.com's Jim Cramer discussed AppLovin, noting that while it's not widely known, it compares favorably with other companies in the gaming space, notably Roblox (RBLX) - Get Roblox Report.