AppLovin has consistently exceeded expectations in recent quarters, largely due to the success of its AI-driven ad search engine, which has fueled its stock rally.

Shares of digital advertising company AppLovin ( APP 24.02%) absolutely skyrocketed on Thursday after the company smashed expectations with its financial report for the fourth quarter of 2024. As of 11 a.m. ET, AppLovin stock was up 31% and had hit an all-time high at over $500 per share.