Boost in revenues helps AppFolio turn first quarter profit
Updated at 3:45 p.m. May 8:
Goleta-based software company AppFolio announced first quarter profits of $660,000, or 2 cents per share, after a 38 percent increase in revenues over 2016.
Net income edged into the positive, compared to a $3.6 million loss for the same period last year and fourth quarter losses of $1.3 million.
Revenues reached $32.1 million, and the company repeated expectations of full year revenues in the range of $136 million to $138 million, an increase of more than 28 percent over the $105.6 million it garnered for fiscal 2016.
Costs and operating expenses edged up 17.7 percent for the quarter, to $31.5 million.
For the period ending March 31, the company had cash and cash equivalents of $7.97 million, with total liabilities of $22.4 million.
Shares for AppFolio ended May 5 at $26 even prior to the earnings release, down 25 cents from its opening price. The stock remains up 9 percent year-to-date and more than double its price a year ago.
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