APPF - Why AppFolio Stock Rocketed to a New All-Time High Today
2024-01-26 13:02:03 ET
Real-estate management technology company AppFolio (NASDAQ: APPF) reported financial results for the fourth quarter of 2023 after the market closed on Thursday. Investors clearly liked what they saw: Shares rocketed higher Friday morning, and as of 1 p.m. ET, AppFolio stock was up by more than 29% and had even hit a new all-time high.
In Q4, AppFolio's revenue rose a whopping 39% year over year to $172 million. This was its fastest quarterly growth rate in nearly a decade and ahead of what management had guided for. That growth was achieved, in part, due to a 13% increase in rental units under management with its software.
CEO Shane Trigg said that AppFolio prioritized profitable growth in 2023, and that showed in its financial results. The company's operating margin was 16.4% in Q4 compared to an operating loss in the prior-year period. Moreover, its free-cash-flow margin expanded to nearly 20%, compared with just a 1% margin in the same quarter of last year.
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Why AppFolio Stock Rocketed to a New All-Time High Today