AppLovin Corp. APP, +2.77% shares rallied Wednesday after the app-monetization company’s revenue and forecast topped Wall Street expectations. AppLovin shares rallied 8% after-hours, following a 2.8% gain to close at $17.81. Shares are up 69% year to date, while the S&P 500 index SPX, +0.45% has risen 7.8%, and the tech-heavy Nasdaq Composite Index COMP, +1.04% has gained 17.6%. AppLovin reported a first-quarter loss of $4.5 million, or a penny a share, compared with a loss of $115.3 million, or 31 cents a share, in the year-ago period. The company did not list adjusted earnings per share figures. Revenue rose to $715.4 million from $625.4 million in the year-ago quarter. Analysts had forecast adjusted earnings of 8 cents a share on revenue of $694.9 million. The company forecast second-quarter revenue of $710 million to $730 million, while analysts had forecast $695.7 million. AppLovin’s software helps app developers monetize through advertising, but it also has an apps business it manages like a standalone concern, and has sought to sell.
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