AppFolio announces second quarter results, delivers earnings beat
Goleta-based AppFolio delivered a sound earnings beat on July 27, as new CEO Shane Trigg announced rising non-GAAP net income and revenue for the second quarter.
AppFolio, a software company for the real estate industry, saw revenue increase to $147.1 million in the second quarter of 2023, a 25% increase from $117.4 million in the second quarter of 2022.
AppFolio did lose $18.9 million for the quarter that ended June 30, but when accounting for one-time losses, the company delivered net income worth $9.4 million, which equates to 24 cents per share, up from $1.2 million in the same quarter a year ago.
With those two marks, AppFolio beat analysts’ expectations of revenue worth $143.7 million and non-GAAP earnings per share worth 13 cents.
Additionally, total units on the AppFolio Property Manager platform increased to approximately 7.7 million in the second quarter of 2023 from approximately 6.8 million at the end of the second quarter of 2022.
“AppFolio’s second quarter results reflect a relentless focus on our customer-centric strategy and increased operational efficiency,” Trigg said in a press release. “Aligning the value we provide with the value we receive is what unlocks our industry-leading innovation. From AI-powered solutions including AppFolio Realm to our entry into the affordable housing segment, the addition of new AppFolio Stack partners, and the expansion of our payments platform, we’re focused on delivering increasingly more value to our customers and their communities.”
AppFolio ended the quarter with cash and cash equivalents worth $164 million.