WASHINGTON (dpa-AFX) - AppLovin Corporation (APP) on Wednesday reported a 72% increase in third-quarter profit, supported by strong revenue growth. The company also announced an expanded share repurchase authorization and issued fourth-quarter revenue guidance above its third-quarter level.
Net income for the quarter rose to $1.439 billion, or $4.30 per share, from $835.5 million, or $2.45 per share, in the year-ago quarter.
Revenue surged 55% to $2.185 billion from $1.405 billion.
For the fourth quarter, the company expects revenue of $2.365 billion to $2.395 billion and adjusted EBITDA of $1.995 billion to $2.025 billion, with an adjusted EBITDA margin of 84% to 85%.
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