AppFolio posts loss in fourth quarter
AppFolio, a Goleta-based property management software company, failed to meet analysts’ expectations with a net loss in the fourth quarter of 2020.
Analysts tracked by Zacks Equity Research had predicted earnings per share of 13 cents, similar to AppFolio’s performance in the fourth quarter of 2019. Instead, the company suffered a net loss of $513,000 in the fourth quarter of 2020, or 1 cent per share.
AppFolio’s stock closed at $161.97 on March 1. It dropped around 2% in after-hours trading, after the quarterly earnings report was released.
AppFolio produced $72.4 million in revenue in the fourth quarter, a 7.5% increase from the same quarter a year ago.
For the full year, AppFolio had revenue of $310 million, a 21% increase from 2019. Net income was at $158 million compared to $36 million in the previous year. Earnings per share for the year were $4.62, compared to $1.07 in 2019.
Revenue in 2020 got a boost thanks to the $193 million sale of AppFolio’s MyCase legal suite practices, which closed in the third quarter of 2020.
AppFolio declined to share a financial outlook for 2021, citing “limited visibility into future business trends and financial performance in the current operating environment.”
The company currently holds assets worth $389 million, up from $260 million at the end of 2019.