Share prices of app monetization company AppLovin (NASDAQ: APP) jumped 20.5% in August, according to data provided by S&P Global Market Intelligence. The company reported financial results for its second quarter of 2024 on Aug. 7, showing both impressive growth and robust profit margins.

AppLovin creates its own apps and also has software to help other companies monetize their apps. Regarding this software, the company launched a new version last year that's powered by artificial intelligence (AI). It's been a resounding success, fueling impressive growth. Q2 software revenue was up 75% from the prior-year period, lifting overall revenue by 44%.

AppLovin's software platform is very high margin and it's lifting the financials for the overall business. In Q2, the company reported net income of $310 million and free cash flow of $446 million. Not only did both of these figures more than double from last year, but they also represent impressive margins of 29% and 41%, respectively.

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Source Fool.com