Shares of AppLovin (NASDAQ:APP) surged more than 6% intra-day today following the announcement of robust earnings for the third quarter.
The company’s revenue for the quarter stood at $864.3 million, topping the market’s forecast of $798 million. Earnings per share also beat expectations, coming in at 30 cents compared to the predicted 27 cents.
Throughout the year, AppLovin has bought back $1.154 billion of its Class A common stock, with the average purchase price being under $25 per share.
The company also announced that Herald Chen, its President and CFO, will be stepping down from his day-to-day duties by the end of 2023. Despite his transition, Chen will continue to serve on AppLovin’s Board of Directors and will become an Advisor to the CEO. Taking over the financial helm, Matt Stumpf, the current Vice President of Finance, has been named the new Chief Financial Officer.