AppLovin (APP) shares surged 31.04% on Thursday, Nov. 5, closing at $356.10 after the advertising technology company delivered better-than-expected quarterly results and issued a strong outlook for the rest of the year.

The stock gained $84.35 in a single session, as investors welcomed another strong quarter from a company whose AI-powered advertising technology has attracted significant attention on Wall Street.

AppLovin beats earnings estimates and expands share buybacks

AppLovin reported third-quarter earnings of $4.30 per share, above analysts’ consensus estimate of $4.03. Revenue reached $2.18 billion, beating expectations of $2.07 billion.

For the fourth quarter, the company expects…