11:01 AM EDT, 04/26/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph)

AppFolio ( APPF ) shares were up more than 16% in recent trading on Friday, a day after the company posted stronger-than-expected Q1 earnings and raised 2024 revenue guidance.

The company reported late Thursday it swung to Q1 adjusted earnings of $1.05 per diluted share from a loss of $0.01 per share a year earlier.

Analysts polled by Capital IQ expected normalized EPS of $0.99.

Revenue for the quarter ended March 31 was $187.4 million, up from $136.1 million a year earlier.

Analysts polled by Capital IQ expected $182.9 million.

For 2024, the company now expects revenue to range from $766 million to $774 million, compared with previous guidance of $755 million to $765 million. Analysts polled by Capital IQ are expecting $769.1 million.

Price: 251.79, Change: +35.14, Percent Change: +16.22