By Sam Boughedda
Investing.com -- AppFolio Inc (NASDAQ:APPF) reported its financial results for the first quarter, which saw earnings miss estimates, causing its shares to plummet.
The property management software reported revenue beat estimates of $101.73 million, coming in at $105.3 million. AppFolio also surpassed $100 million in quarterly revenue for the first time.
However, earnings per share fell significantly below forecasts of -$0.04 at a reported -$0.41 loss per share. Furthermore, its loss from operations for the first quarter was $14.7 million compared to $5.7 million in the same quarter a year ago. Total units on AppFolio's Property Manager platform grew to 6.57 million in the first quarter from 5.62 million at the end of the first quarter of 2021.
"This quarter's results, marked by AppFolio's first $100 million quarter and an increase in our number of units served to 6.57 million, reflect the relevance of our strategy and the customer focused innovation of our team," said Jason Randall, President, and CEO, AppFolio.
AppFolio hopes to implement its multiyear investment strategy to "modernize the real estate industry" and grow its customer base through value-added services.
AppFolio expects full-year 2022 revenue to be in the range of $452 million and $460 million.