AppLovin (NASDAQ: APP) shares beat the market this week, rising over 20% through Thursday trading compared to a 1.3% decline in the wider market, according to data provided by S&P Global Market Intelligence. The spike added to significant short-term returns for investors in the app tech platform. Shares are up over 50% since the start of 2023.

The latest rally was sparked by a fourth-quarter earnings update that showed stability in AppLovin's business.

Sales for Q4 fell 11% to $702 million as many of its business lines remained pressured by slowing advertising spending and weaker in-game spending. Yet that result edged past the outlook management had issued. AppLovin also met expectations around profits, with losses clocking in at $80 million, or 11% of sales. The company generated positive cash flow in the period.

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Source Fool.com