AppLovin: Q2 Earnings Snapshot

PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported second-quarter profit of $1.27 billion.

The Palo Alto, California-based company said it had profit of $3.76 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.72 per share.

The mobile app technology company posted revenue of $1.92 billion in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $1.94 billion.

For the current quarter ending in September, AppLovin said it expects revenue in the range of $2.06 billion to $2.09 billion.

AppLovin shares have dropped 38% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $416.75, a rise of 10% 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