AppLovin Corp (APP) dropped the numbers Wednesday after the bell, and well, the market had feelings about it. Despite beating on basically everything, shares slid in extended trading.

The Numbers Look Pretty Good, Actually

AppLovin posted fourth-quarter revenue of $1.66 billion, topping analyst estimates of $1.60 billion. Earnings came in at $3.24 per share versus expectations of $2.95 per share. That's a solid beat on both lines.

Revenue jumped 66% compared to the same quarter last year. The advertising technology company generated $1.31 billion in both cash flow from operations and free cash flow during the quarter. That's real money hitting the bank account.

The company stayed busy with capital allocation, too. AppLovin bought back $481.7 million worth of its own stock during the quarter and closed the period with roughly $2.49 billion in cash and equivalents sitting on the balance sheet.

Forward Guidance Beats Expectations Too

Looking ahead, AppLovin expects first-quarter revenue between $1.75 billion and $1.78 billion, ahead of the $1.69 billion analyst consensus. The company also anticipates adjusted EBITDA of approximately $1.47 billion to $1.50 billion for the quarter.

Management is scheduled to discuss the results in more detail during an earnings call at 5 p.m. ET.

Market Reaction: Down Anyway

Despite the strong results and guidance, APP shares traded down 4.56% in after-hours action, sitting at $436 at the time of reporting Wednesday.