Appfolio reports $3.2 million loss for second quarter
Appfolio lost $3.2 million during the second quarter, the company reported Aug. 6.
Goleta-based Appfolio makes property management software for small-to medium-sized real estate managers. Revenues were up 59 percent in the second quarter of 2015 from $11.6 million last year to $18.4 million this year. Appfolio lost 34 cents per share, which met analyst expectations of a loss of 34 cents per share.
Appfolio lost $3.2 million during the quarter, which was up from $1.5 million during the same quarter last year. During the first two quarters, Appfolio’s revenues grew 59 percent. But operating expenses grew 69 percent.
Appfolio offered 6.2 million shares of Class A common stock for $12 each on June 25. The stock started trading for $12.15 the next day. On its initial day of trading, the stock peaked at a price of $14.79 at 9:40 a.m., and later rebounded to as high as $14.65.
Appfolio closed up 1 cent to $15.36 on Aug. 6.
