12:43 PM EST, 11/07/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

AppLovin ( APP ) shares surged nearly 45% in recent Thursday trading, a day after the company reported higher Q3 results that beat analysts' expectations.

The company late Wednesday reported Q3 net income of $1.25 per diluted share, up from $0.30 a year earlier.

Analysts polled by Capital IQ expected $0.93.

Revenue for the quarter ended Sept. 30 was $1.20 billion, compared with $864.3 million a year earlier.

Analysts expected $1.13 billion.

For Q4, the software company is projecting revenue in the range of $1.24 billion to $1.26 billion. Analysts are looking for $1.18 billion.

Price: 244.16, Change: +75.61, Percent Change: +44.86