AppFolio Sets the Stage for Its Next Phase of Growth
AppFolio (NASDAQ: APPF), a software-as-a-service business that focuses on the real estate and legal markets, reported its second-quarter results on Monday.
The headline numbers looked solid; revenue grew 35% to $63.6 million, which is consistent with the pace of growth we saw last quarter. GAAP net income more than tripled, but the impressive bottom-line performance is misleading because it is mostly attributable to a tax gain. Equally as important is that AppFolio has introduced several new services to market that management believes will position the company well for sustained growth from here.
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