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PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported first-quarter earnings of $576.4 million.
The Palo Alto, California-based company said it had profit of $1.67 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.45 per share.
The mobile app technology company posted revenue of $1.48 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $1.38 billion.
AppLovin shares have declined slightly more than 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $303.46, nearly quadrupling 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