Appfolio Q3 2020 Earnings Report
Key Takeaways
AppFolio reported a significant increase in net income to $137.68 million and revenue of $84.09 million for the third quarter of 2020. The company completed the sale of MyCase for $193.0 million and continues to focus on its cloud-based solutions for the real estate vertical.
AppFolio's revenue increased to $84.09 million, compared to $67.94 million in Q3 2019.
Net income reached $137.68 million, a substantial increase from $4.98 million in the same quarter last year, primarily due to the sale of MyCase.
The company completed the sale of MyCase for $193.0 million on September 30, 2020.
AppFolio is focused on providing cloud-based business software solutions, services, and data analytics to the real estate vertical.
Appfolio
Appfolio
Forward Guidance
AppFolio did not provide updated full year revenue guidance for fiscal year 2020. Diluted weighted average shares are expected to be approximately 36 million for the full year.