AppFolio (APPF +11.16%) stock closed out Friday's trading with a double-digit gain on strong quarterly results. The company's share price gained 11.2% in the session and had been up as much as 15.4% earlier in trading.
AppFolio published its Q1 results after the market closed yesterday and reported sales and earnings for the period that beat Wall Street's expectations. While the stock saw a strong pop today, its share price is still down roughly 27% year to date.
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AppFolio breezed by Wall Street's Q1 targets
AppFolio's non-GAAP (adjusted) earnings per share of $1.61 in the first quarter beat the average analyst estimate by $0.14 per share. Meanwhile, sales of $262.2 million for the period were up roughly 20% year over year and beat the average Wall Street target by roughly $4.1 million. The business posted strong growth in the quarter, and the real-estate specialist closed out the period with 9.5 million units under management -- up 8% annually.
NASDAQ: APPF
Key Data Points
What's next for AppFolio?
For the full-year period, AppFolio is guiding for sales to come in between $1.11 billion and $1.125 billion -- good for growth of roughly 17.5% at the midpoint of the guidance range. The new forecast represented an upgrade from the previous guidance for sales between $1.1 billion and $1.2 billion. The increased sales forecast doesn't look dramatic, but the boosted sales outlook and stronger-than-expected margins last quarter suggest a strengthening earnings picture.
