Why Is Appian Corp Stock Shooting Upwards Thursday?
Portfolio Pulse from Anusuya Lahiri
Appian Corp (NASDAQ:APPN) reported a 16% year-on-year revenue growth for Q4 FY21, reaching $145.3 million and surpassing the consensus of $140.9 million. The adjusted EPS loss of $0.06 also beat the consensus loss of $(0.24), leading to a stock price increase. Subscription revenue grew by 24% Y/Y to $115.8 million, while professional services revenue declined by 9% Y/Y to $29.5 million. CEO Matt Calkins highlighted reaching two milestones in 2023: exceeding half a billion dollars in full-year revenue and achieving the highest quarterly gross margin in the company's history. Appian's outlook for Q1 revenue is $148.00 million to $150.00 million, slightly below the consensus of $150.84 million, and expects an adjusted EPS loss of $(0.21) to $(0.16), compared to the consensus loss of $(0.17). For FY24, the company forecasts revenue of $615.00 million to $617.00 million, below the consensus of $618.17 million, and an adjusted EPS loss of $(0.73) to $(0.66), against the consensus loss of $(0.60). APPN shares surged 12.3% to $37.50 in premarket trading.

February 15, 2024 | 4:39 pm
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Appian Corp reported strong Q4 FY21 results, surpassing revenue and EPS consensus, leading to a 12.3% premarket stock price increase. The company also provided a mixed outlook for FY24.
The positive reaction in premarket trading directly correlates with the company's Q4 performance exceeding expectations and the achievement of significant milestones in 2023. However, the mixed outlook for FY24, with revenue projections slightly below consensus, might temper long-term expectations but is unlikely to significantly impact the short-term positive momentum.
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