Applovin Corp (NASDAQ:APP) reported financial results for the first quarter after the market close on Wednesday. Here’s a look at the key details from the report.

Q1 Earnings: AppLovin reported first-quarter revenue of $1.48 billion, beating analyst estimates of $1.38 billion, according to Benzinga Pro. The company reported first-quarter earnings of $1.67 per share, beating analyst estimates of $1.45 per share.

Total revenue was up 40% year-over-year. Advertising revenue grew 71% year-over-year, while Apps revenue declined 14%. Cash flow from operations was $832 million in the quarter and free cash flow came in at $826 million. Applovin ended the quarter with approximately $551 million in cash and cash equivalents.

AppLovin also announced that it entered into a definitive agreement to sell its mobile gaming business to privately held Tripledot Studios for $400 million in cash, combined with a 20% ownership stake in Tripledot. The transaction is expected to close in the second quarter.

Outlook: AppLovin expects second-quarter advertising revenue in the range of $1.195 billion to $1.215 billion. The company anticipates second-quarter advertising adjusted EBITDA of $970 million to $990 million.

AppLovin executives will further discuss the quarter on a conference call with investors and analysts at 5 p.m. ET.

APP Price Action: Applovin shares were trading lower before the short report from Muddy Waters Research. The stock was up 17.32% in Wednesday’s after-hours session, trading at $355.320 at the time of publication, according to Benzinga Pro.

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