AppLovin Corp ( APP ) shares are trading higher in Wednesday’s after-hours session after the company reported better-than-expected financial results for the first quarter.

Q1 Revenue: $1.058 billion, versus estimates of $974.361 million

Q1 EPS: 67 cents, versus estimates of 55 cents

Total revenue was up 48% year-over-year in the first quarter. Apps segment revenue was up 5% year-over-year, benefitting from the improved performance of AXON since its launch last year. Adjusted EBITDA came in at $549 million, up 101% on a year-over-year basis.

Net cash from operating activities was $393 million in the quarter. AppLovin ( APP ) said it generated free cash flow of $388 million in the first quarter. The company ended the quarter with $436 million in cash and cash equivalents.

“We're proud of the continued momentum our team has achieved through the first quarter of the new year. As we approach the first anniversary of our AXON launch, we are just beginning to explore its full potential,” the company said in a letter to shareholders.

2024 Outlook: AppLovin ( APP ) expects full-year 2024 revenue to be in the range of $1.06 billion to $1.08 billion. The company anticipates full-year adjusted EBITDA of $550 million to $570 million on adjusted EBITDA margin of 52% to 53%.

Management will discuss these results on a conference call scheduled for 5 p.m. ET.

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APP Price Action: AppLovin ( APP ) shares were up 8.08% at $80.07 at the time of publication, according to Benzinga Pro.