Why Shares of Apptio Inc. Rocketed Higher Today
Shares of cloud-based software provider Apptio Inc. (NASDAQ: APTI) soared on Tuesday, following a third-quarter report that easily beat analyst expectations. Subscription revenue grew by a double-digit percentage, and the company noted an improvement in its subscription net dollar retention rate. The stock was up about 16% at 3:40 p.m. EDT.
Apptio reported third-quarter revenue of $47.0 million, up 15.7% year over year and about $2 million higher than the average analyst estimate. Subscription revenue jumped 18% to $39.4 million, accounting for 84% of the company's total revenue. Services revenue rose just 4% to $7.6 million.
Image source: Apptio.
Source: Fool.com
