(KRON) -- In the latest round of pre-holiday tech layoffs, AppLovin Corporation, a Palo Alto-based mobile technology company, has revealed plans to cut 120 jobs. According to a filing on the Unemployment Development Department website, the layoffs are permanent and go into effect Friday. Recalled Alameda County DA issues fiery statement, refuses to concede All of those impacted worked at the company's headquarters on Page Mill Road in Palo Alto. The sudden layoffs come on the heels of a surge in the company's stock prices. According to Barron's, AppLovin is now worth $100 billion following a reported 77% surge in stock prices last week. KRON4.com has reached out to AppLovin Corporation for more information.