Why Did AppFolio Go Up 44.3% in May?

Software-as-a-service (SaaS) company Appfolio (NASDAQ: APPF) shares raced ahead 44.3% in May, according to data provided by S&P Global Market Intelligence. Appfolio's primary product is a comprehensive cloud-based property management software system, and, to a much lesser extent, software to small law firm customers. 

The upward surge came on the heels of first quarter 2020 results, reported on May 7. Investors cheered revenue and customer growth, which contrasted with many other companies' dismal reporting during the COVID-19 pandemic.

First quarter total revenue came in at $72.5 million, a 27% increase year over year. GAAP net income was $2 million, or $0.06 per diluted share during the quarter, compared to GAAP net income of $3.7 million, or $0.11 per diluted share in the first quarter of last year. Included in first quarter results was $1.9 million in non-cash charges related to stock-based compensation. 

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Source Fool.com