Appian (NASDAQ: APPN) was an outlier stock on Friday, closing slightly (0.7%) higher, while the S&P 500 index ended the day marginally lower. The catalyst was the company's inaugural set of quarterly results for this year, which revealed beats on both the top and bottom lines.
Appian's first quarter , which was reported after market hours on Thursday, saw the cloud computing services provider book just over $114 million in revenue. That figure was nearly 30% higher than the corresponding period of 2021, powered by a 31% rise in the company's crucial subscriptions revenue (to nearly $84 million).
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Why Appian Stock Topped the Market Today