APPF - Why AppFolio Stock Soared Today
2023-10-27 13:22:09 ET
Shares of AppFolio (NASDAQ: APPF) jumped Friday after the real-estate software company reported a substantial surge in revenue growth and a meaningful improvement in profitability in the third quarter. The stock touched a new all-time high early in the session, and as of 12:45 p.m. ET, it was up by 7.7%.
AppFolio, which offers cloud-based software for managing rental properties, reported its results for the third quarter after the close Thursday. Revenue was up 32% year over year to $165.4 million, its highest quarterly growth rate since 2019. This was ahead of expectations, bolstered by the sequential addition of roughly 100,000 net new rental units managed by its software.
Moreover, AppFolio's operating income improved from a $7.8 million loss last year to a loss of only $100,000 this year -- essentially breakeven.
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Why AppFolio Stock Soared Today