Why Is Appian Corp Stock Shooting Upwards Thursday?

Appian Corp APPN reported fourth-quarter FY21 revenue growth of 16% year-on-year to $145.3 million, beating the consensus of $140.9 million.

Adjusted EPS loss of $0.06 beat the consensus loss of $(0.24). The stock price gained after the results.

Total subscription revenue, including sales of SaaS subscriptions, on-premises term license subscriptions, and maintenance and support, increased 24% Y/Y to $115.8 million. 

Professional services revenue was $29.5 million, down by 9% Y/Y.

The cloud computing and enterprise software company “reached two milestones,” in 2023, according to CEO Matt Calkins. Full-year revenue exceeded half a billion dollars, and Appian achieved the highest quarterly gross margin in its history, he added.

Outlook: Appian expects first-quarter revenue of $148.00 million – $150.00 million, against the consensus of $150.84 million.

Appian projects adjusted EPS loss of $(0.21) – $(0.16), versus the consensus loss of $(0.17).

The company expects FY24 revenue of $615.00 million – $617.00 million, below the consensus of $618.17 million. It projects adjusted EPS loss of $(0.73) – $(0.66), against the consensus loss of $(0.60).

Price Action: APPN shares traded higher by 12.3% at $37.50 premarket on the last check Thursday.

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