Shares of Appian (NASDAQ:APPN) popped today after the company beat Wall Street's estimates in the third quarter.
Shares of the tech stock were up by as much as 19.5% this morning and had gained 18.3% as of 12:19 p.m. EST.
Appian reported third-quarter revenue of $77.3 million, which was an increase of 17% from the year-ago quarter and beat analysts' consensus revenue estimate by 9%. Additionally, the company's adjusted break-even earnings per share beat Wall Street's consensus estimate of a loss of $0.17 per share.
Appian's founder and CEO Matt Calkins highlighted a few of the company's third-quarter accomplishments in a press release, saying, "We exceeded our guidance, grew cloud subscription revenue by 40%, and reached an all-time high for gross profit margin this quarter."
Appian's share price jump today adds to the company's gains this year, leaving Appian's stock up 134% year to date.
Management provided guidance for the fourth quarter, saying sales would be $73.5 million at the midpoint, which would be an increase of 7% year over year. Appian's adjusted net loss is forecast to be $0.17 per share at the midpoint, which would be a larger loss than the $0.10 loss per share in the fourth quarter of 2019. Additionally, Appian's management said full-year 2020 revenue will be $296.5 million at the midpoint of guidance, representing a year-over-year increase of 14%.