Why AppFolio Stock Is Plummeting Today

Shares of (NASDAQ: APPF) are tumbling on Friday. The company's stock fell 15.7% as of noon today, but was down as much as 16.9% earlier in the day. The decline comes as the S 500 and Nasdaq Composite were mostly flat.

The software-as-a-service (SaaS) company reported first-quarter results that narrowly missed expectations despite 16% year-over-year sales growth.

AppFolio, which serves the real estate industry, reported first-quarter earnings per share (EPS) of $1.21, falling short of Wall Street's expectations of $1.23. Revenue came in at $218 million, slightly lower than the expected $220.94 million.

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Source Fool.com