Cloud Computing Firm Appian Stock Nosedives After Q1 Print, What's Going On?

Appian Corp (NASDAQ:APPN) reported fiscal first-quarter 2024 revenue growth of 11% year-on-year to $149.84 million, marginally beating the analyst consensus of $149.76 million.

Adjusted EPS loss of 24 cents missed the analyst consensus loss of 16 cents. The stock price plunged close to 20% after the results.

Total subscription revenue increased 19% year over year to $117.7 million. Professional services revenue was $32.1 million, down 11% year over year.

Outlook: Appian expects second-quarter revenue of $140.00 million – $144.00 million, up by 10% – 13% Y/Y against the consensus of $145.25 million. It projects an adjusted EPS loss of 34 cents to 28 cents versus the 0.29 cents consensus loss .

The company reiterated fiscal 2024 revenue of $615.00 million – $617.00 million, up by 13% Y/Y, below the consensus of $615.75 million. It projects adjusted EPS loss of $(0.85) – $(0.79) (prior $(0.73) – $(0.66)), against the consensus loss of $(0.68).

Appian stock gained over 1% in the last 12 months. Investors can gain exposure to the stock via First Trust Nasdaq Artificial Intelligence And Robotics ETF (NASDAQ:ROBT) and First Trust Cloud Computing ETF (NASDAQ:SKYY).

Price Action: APPN shares traded lower by 20.10% at $29.35 on the last check Thursday.

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