Applovin Corp ( APP ) shares are rocketing higher Thursday after the company reported better-than-expected financial results for the third quarter and added $2 billion to its buyback. Here’s a look at what you need to know.

What To Know: Applovin ( APP ) reported third-quarter revenue of $1.2 billion, beating analyst estimates of $1.13 billion, according to Benzinga Pro. The mobile software company reported quarterly earnings of $1.25 per share, beating estimates of 94 cents per share.

Total revenue was up 39% year-over-year, driven by strong Software platform revenue growth of 66% year-over-year. Apps revenue was up 1% year-over-year.

Applovin ( APP ) generated $545 million of free cash flow in the quarter and ended the period with $568 million in cash and cash equivalents.

“As we continue to improve our models our advertising partners are able to successfully spend at a greater scale," the company said in a letter to shareholders.

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Applovin's ( APP ) board increased the company's share repurchase program by $2 billion. The company said it now has $2.3 billion remaining under the buyback.

Applovin ( APP ) expects fourth-quarter revenue to be in the range of $1.24 billion to $1.26 billion. The company expects fourth-quarter adjusted EBITDA to be in the range of $740 million to $760 million.

Following the print, Needham analyst Bernie McTernan reiterated Applovin ( APP ) with a Hold rating. Benchmark analyst Mark Zgutowicz reiterated a Sell rating and maintained a price target of $66.

APP Price Action: Applovin ( APP ) shares were up 46.1% at $246.41 at the time of publication, according to Benzinga Pro.

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