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Appian CorpAPPNreported fiscal first-quarter 2024 revenue growth of 11% year-on-year to $149.84 million, marginally beating theanalyst consensus of $149.76 million.

AdjustedEPS loss of 24 cents missed theanalyst consensus loss of 16 cents.Thestock 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 $144.00million, up by 10%13% Y/Y against theconsensus of $145.25 million. It projects an adjusted EPS loss of 34 cents to 28 cents versus the 0.29 cents consensus loss.

Thecompany reiterated fiscal 2024revenue 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 theconsensus loss of $(0.68).

Appianstock gained over 1% in the last 12 months. Investors can gain exposure to the stock viaFirst Trust Nasdaq Artificial Intelligence And Robotics ETFROBT andFirst Trust Cloud Computing ETFSKYY.

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

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2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cloud Computing Firm Appian Stock Nosedives After Q1 Print, What's Going On? - Appian (NASDAQ:APPN) - Benzinga