Sam Boughedda

Investing.com — AppFolio Inc (NASDAQ:) reported its financial results for the first quarter, which saw earnings miss estimates, causing its shares to plummet.

AppFolio property management software exceeded estimates by $105.3 Million. AppFolio’s quarterly revenue also exceeded $100 million for the first-time. 

The earnings per share dropped significantly to -$0.04 below the estimates, with a reported loss of -$0.41 per share. Its loss from operations in the first quarter of 2017 was $14.7 Million, compared with $5.7 M the year before. AppFolio’s Property Manager platform saw 6.57 million units increase in the first quarter, compared to 5.62 million at its end of 2021.

AppFolio president and CEO Jason Randall said, “This quarter’s result, marked AppFolio’s first $100m quarter and an increased in our number of unit served to 6.57 millions reflect the relevance our strategy and customer focused innovation by our team,”

AppFolio will implement its multi-year investment plan to modernize the realty industry and to grow its customer base by providing value-added services. 

AppFolio anticipates that full-year revenue for 2022 will be between $452 and $460 millions.