Here's Why AppLovin Stock Absolutely Skyrocketed to a New All-Time High Today

Shares of app monetization company AppLovin (NASDAQ: APP) are absolutely skyrocketing on Thursday thanks to impressive financial results for the third quarter of 2024. As of 10:30 a.m. ET, AppLovin stock is up about 48% and had hit an all-time high at over $250 per share. For perspective, it traded at under $10 per share at the end of 2022.In the prior quarter, AppLovin's management had said it would generate revenue of $1.135 billion and have adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $650 million, both at the high end of guidance. But in Q3, the company had revenue of $1.2 billion and adjusted EBITDA of $722 million, beating guidance on both points.For the upcoming quarter, AppLovin's management expects to grow its revenue by 31% year over year at the midpoint of its guidance. And adjusted EBITDA is expected to be up about 58%. Both of these numbers are a step back from Q3 growth rates of 39% and 72%, respectively. But there's a reason this guidance still impressed investors.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool