AppLovin (NASDAQ: APP) stock is surging Thursday. The advertising-technology company's share price was up 24.3% as of 3:30 p.m. ET, according to data from S&P Global Market Intelligence.

For the fourth quarter of 2023, AppLovin reported earnings per share of $0.49 on revenue of $953.26 million. The performance blew past the average analyst estimate's call for per-share earnings of $0.35 on sales of $928.03 million.

AppLovin's revenue jumped roughly 36% year over year in Q4, and revenue for its software platform segment grew 88% to reach $576 million. With the segment showing very strong demand indicators and now constituting more than half of overall revenue, it looks like strong sales performance is poised to continue in the near term.

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Source Fool.com