AppLovin Corp. reported second-quarter results that beat Wall Street profit expectations and pointed to continued momentum in its advertising-technology business. Diluted earnings per share rose to $2.39, well above the $1.95 analysts anticipated, on revenue of about $1.26 billion. Sales grew 77% from a year earlier, accelerating from the prior quarter, while adjusted EBITDA exceeded $1 billion for the first time and 61% of revenue converted to free cash flow. The company said operating margin widened to 76% after the sale of its Apps segment and it used surplus cash to retire $200 million of debt. Over the last 12 months, EBITDA topped $3 billion, putting the business on pace for a $4 billion annual run rate by year-end, according to the company’s commentary. For the current quarter ending in September, AppLovin projected revenue of $1.32 billion to $1.34 billion and adjusted EBITDA of $1.07 billion to $1.09 billion, both ahead of consensus forecasts. Management said the Oct. 1 launch of a self-service version of its Axon ad platform should further lift results in the fourth quarter. Shares, which had gained about 4% during Wednesday’s regular session ahead of the report, were volatile in late trading following the release.