AppLovin Corp (APP) reported third-quarter results after the closing bell on Wednesday, and the market liked what it saw. Here's the rundown.

AppLovin Q3 Highlights

AppLovin posted third-quarter revenue of approximately $2.19 billion, beating analyst estimates of $2.08 billion, according to market data. The advertising technology company reported earnings of $4.30 per share for the quarter, beating estimates of $4.07 per share.

Total revenue was up 55% on a year-over-year basis. Cash flow from operations and free cash flow totaled $1.4 billion in the quarter.

AppLovin repurchased $1.4 billion of its common stock during the quarter. The company's board also approved an additional $3.2 billion for share repurchases, bringing the company's total remaining authorization up to $3.6 billion. AppLovin ended the quarter with approximately $3.17 billion in cash and cash equivalents.

AppLovin said it expects fourth-quarter revenue to be in the range of $2.365 billion to $2.395 billion, versus estimates of $2.25 billion. The company anticipates fourth-quarter adjusted EBITDA of $1.995 billion to $2.025 billion.

AppLovin management will further discuss the quarter on an earnings call at 5 p.m. ET.

APP Shares Move Higher After Hours

AppLovin shares were up 15.92% in after-hours, trading at $315 at the time of publication on Wednesday, according to market data.