Shares of AppLovin Corp. soared nearly 33% on Thursday after the mobile advertising technology company posted record third-quarter results, issued a fourth-quarter forecast well above expectations and expanded its share buyback program.

AppLovin shares rose $89.03 to $360.78 in Thursday trading, with about 9.6 million shares changing hands, nearly double the stock's three-month average. The rally added roughly $22 billion to the company's market value, which climbed to about $120.7 billion.

The surge offered relief to battered shareholders. Even after Thursday's jump, the stock remains about 56% lower than a year ago. AppLovin's shares had been volatile this year, down........

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