Applovin Corp ( APP ) shares are ripping higher in Wednesday’s after-hours session on the heels of the company’s third-quarter financial results. Here’s a rundown of the report.

Q3 Revenue: $1.2 billion, versus estimates of $1.13 billion

Q3 EPS: $1.25, versus estimates of 94 cents

Total revenue was up 39% year-over-year. Software platform revenue increased 66% year-over-year, while Apps revenue grew 1%. Cash flow from operations was $551 million in the quarter and free cash flow came in at $545 million. Applovin ( APP ) ended the quarter with $568 million in cash and cash equivalents.

Applovin’s board increased the company’s share repurchase program by $2 billion. The company said it now has $2.3 billion remaining under the buyback. The company expects to fund future repurchases with free cash flow.

“We had another fantastic quarter in the third quarter. Our AXON models continue to improve through self-learning and, more importantly this quarter, from technology enhancements by our engineering team. 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.

Outlook: 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.

Management is currently discussing the quarter on a conference call that kicked off at 5 p.m. ET.

APP Price Action: Applovin ( APP ) shares were up 28.15% after hours at $216 at the time of publication, according to Benzinga Pro.

Read Next:

• Lyft Stock Drives Higher After Better-Than-Expected Q3 Results