APPN - Appian's Loss Just Doubled. Is It Time To Sell the Stock?
Appian (NASDAQ: APPN) shares were hit hard Friday after the low-code software company reported a wider-than-expected loss in the third quarter and called for slower growth in the fourth quarter.
Cloud subscription revenue, the company's top priority, grew 30% to $60.6 million, and overall revenue was up 28% to $117.9 million, edging out estimates at $116.1 million.
However, on the bottom line, the company's adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) loss came in significantly below its guidance range, and its adjusted loss per share nearly doubled from $0.22 to $0.43, missing the consensus at $0.23. The wider-than-expected loss was primarily due to accelerated hiring in the period.
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Appian's Loss Just Doubled. Is It Time To Sell the Stock?