By Jorge Mercado Friday, January 27th, 2023

Goleta-based AppFolio beat analysts’ expectations in both earnings and revenue when it released its financial results for the fourth quarter on Jan. 26.

AppFolio, a software company for the real estate industry, announced revenue worth $124.1 million in the fourth quarter, a 30% increase from the same quarter a year ago.

But the company’s net loss did grow dramatically, as the company suffered a loss of $19.7 million or 56 cents per share compared to just a loss of about $1 million or 4 cents per share in the same period a year ago.

But when accounting for one-time losses, AppFolio’s earnings per share was a loss 5 cents, or $3.4 million

Despite the loss, both revenue and non-GAAP earnings per share were enough to beat Zacks Consensus Estimate’s projections of $117.6 million and a loss of 13 cents per share, respectively.

For the full year, AppFolio generated revenue worth $479.1 million, up from $359.4 million in fiscal year 2021, representing a 31% growth.

The company suffered a net loss of $68 million for the year, however, as investments in research and development nearly doubled as well as general and administrative costs.

AppFolio shares closed at $114.94 on Jan. 26, up less than 1% over the course of that trading day.