AppLovin Corporation reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company achieved total revenue of $1,198.2 million for the third quarter, marking a 39% increase from $864.3 million in the same period of 2023. For the nine months, revenue reached $3,336.5 million, a 43% rise from $2,329.8 million year-over-year. This growth was primarily driven by a 66% increase in Software Platform Revenue, which amounted to $835.2 million for the quarter, up from $504.5 million in 2023.
Net income for the third quarter was $434.4 million, compared to $108.6 million in the prior year, reflecting a substantial increase in profitability. For the nine-month period, net income totaled $980.6 million, up from $184.5 million in 2023. The net income margin also improved, reaching 36.3% for the third quarter, up from 12.6% in the previous year.
The company’s operating performance was bolstered by a notable increase in cash flow, with net cash provided by operating activities amounting to $1,398.0 million for the nine months, compared to $717.5 million in 2023. Free cash flow also saw a significant rise, reaching $1,378.2 million, up from $697.3 million.
AppLovin's balance sheet showed total assets of $5,442.5 million as of September 30, 2024, a slight increase from $5,359.2 million at the end of 2023. However, total stockholders’ equity decreased to $938.2 million from $1,256.3 million, primarily due to increased long-term debt, which rose to $3,474.5 million from $2,905.9 million.
Strategically, AppLovin has continued to invest in its Software Platform and mobile gaming sectors, with a focus on enhancing its advertising capabilities through acquisitions. The company has made significant investments, totaling approximately $4.1 billion in 33 strategic acquisitions since 2018, including notable purchases like Adjust and MoPub. The company is also expanding into new verticals such as e-commerce and connected TV, leveraging its recent acquisition of Wurl.
In terms of stock repurchase activity, AppLovin repurchased 16.1 million shares of Class A common stock for $981.3 million during the nine months ended September 30, 2024. The board has authorized an increase to the share repurchase program by up to $2.0 billion, reflecting the company's commitment to returning value to shareholders.
Overall, AppLovin's financial results indicate a robust performance driven by strategic growth initiatives and operational efficiencies, positioning the company favorably in the competitive advertising and mobile gaming landscape.
About AppLovin Corp
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