Applovin Stock Set to Open at Record High As Earnings, Outlook Beat Estimates [Video]

Applovin (APP) shares are set to open at a record high Thursday morning after the company’s third-quarter earnings and outlook for the fourth quarter each beat expectations.

The software maker, which partners with app makers to provide advertising and grow their user base, reported $1.2 billion in revenue after the bell Wednesday, a jump of nearly 40% from the same time last year and better than the $1.13 billion analysts expected, according to estimates compiled by Visible Alpha. Net income also came in well above estimates at $434.42 million, as analysts had projected $319.2 million.

The company said its board has also approved an additional $2 billion in stock buybacks, as it had about $300 million left in its previous buyback program after spending about $437 million on buybacks in the third quarter.

For the fourth quarter, Applovin projects$1.24 billion to $1.26 billion in revenue, above the $1.17 billion analysts had expected coming into …