Why AppFolio Stock Skyrocketed Today
AppFolio's Q1 sales and earnings beat Wall Street's expectations, with non-GAAP earnings per share of $1.61 and sales of $262.2 million. The company raised its full-year sales guidance to $1.11 billion-$1.125 billion, representing 17.5% growth at the midpoint.
AppFolio (NASDAQ: APPF) stock rose 11.2% on Friday after the company reported Q1 results that beat Wall Street's expectations. The company's non-GAAP earnings per share were $1.61, exceeding the average analyst estimate by $0.14 per share. Sales were $262.2 million, up 20% year over year and beating the average Wall Street target by $4.1 million. AppFolio had 9.5 million units under management at the end of the quarter, an 8% annual increase. The company guided for full-year sales between $1.11 billion and $1.125 billion, representing 17.5% growth at the midpoint. This guidance was an upgrade from the previous forecast of $1.1 billion to $1.2 billion.
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