AppLovin stock surges as revenue, outlook beat Street estimates

AppLovin Corp. APP shares rallied Wednesday after the app-monetization company’s revenue and forecast topped Wall Street expectations. AppLovin shares rallied 8% after-hours, following a 2.8% gain to close at $17.81. Shares are up 69% year to date, while the S&P 500 index SPX has risen 7.8%, and the tech-heavy Nasdaq Composite Index COMP has gained 17.6%. AppLovin reported a first-quarter loss of $4.5 million, or a penny a share, compared with a loss of $115.3 million, or 31 cents a share, in the year-ago period. The company did not list adjusted earnings per share figures. Revenue rose to $715.4 million from $625.4 million…