PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — AppLovin Corp. (APP) on Wednesday reported third-quarter profit of $1.44 billion.

On a per-share basis, the Palo Alto, California-based company said it had net income of $4.30.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.94 per share.

The mobile app technology company posted revenue of $2.18 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $2.08 billion.

AppLovin shares have dropped 59% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $274.62, a fall of 55% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APP at https://www.zacks.com/ap/APP