$Applovin (APP.US)$ shares are moving higher after the firm reported first-quarter revenue of $1.058 billion, which was up 48% year-over-year and came in ahead of estimates of $974.361 million, according to Benzinga Pro. The company turned in quarterly earnings of 67 cents per share, beating estimates of 55 cents per share.

Apps segment revenue was up 5% year-over-year, benefitting from the improved performance of AXON since its launch last year. Adjusted EBITDA came in at $549 million, up 101% on a year-over-year basis.

Net cash from operating activities was $393 million in the quarter. AppLovin said it generated free cash flow of $388 million in the first quarter. The company ended the quarter with $436 million in cash and cash equivalents.

AppLovin expects full-year 2024 revenue to be in the range of $1.06 billion to $1.08 billion. The company anticipates full-year adjusted EBITDA of $550 million to $570 million on adjusted EBITDA margin of 52% to 53%.

"We're proud of the continued momentum our team has achieved through the first quarter of the new year. As we approach the first anniversary of our AXON launch, we are just beginning to explore its full potential," the company said in a letter to shareholders.

Multiple analysts lifted price targets on the stock following the company's quarterly results.

• Goldman Sachs analyst Eric Sheridan maintained AppLovin with a Buy and raised the price target from $73 to $100.

• Wedbush analyst Nick McKay maintained AppLovin with an Outperform and raised the price target from $87 to $100.

• Stifel analyst David Pang maintained AppLovin with a Buy and raised the price target from $85 to $98

• Needham analyst Bernie McTernan reiterated AppLovin with a Hold.