AppFolio, a Goleta-based property management software developer, saw earnings per share drop sharply for the second consecutive quarter, in financial results for second quarter of 2021, released after the markets closed Aug. 9.
Net income for AppFolio was at $2 million for the quarter ended June 30, down from $19.2 million in the same quarter of 2020, an 89% decline.
The company did not say why net income took such a dive, but AppFolio’s financial statements show that overall operating expenses rose 17.6% to $87.8 million, as nearly all major expenses grew.
Revenue was up 9.8%, from $81 million in the second quarter of 2020 to $89 million in the second quarter of 2021.
AppFolio also updated guidance for its full-year revenue for 2021, from a previous estimate of $348 million to $355 million to a current prediction of $350 million to $355 million.
Shares of Appfolio closed at $136.90 on Aug. 9, just before the earnings announcement, a 1.4% drop from the day before. The stock is down 22.7% since the beginning of the year.