Shares of Appian (NASDAQ:APPN) spiked 324% last year, according to data provided by S&P Global Market Intelligence, as investors looked to technology stocks as a haven for their money during lockdowns and social distancing.
Appian’s platform allows customers to easily and quickly build apps without having to know much about writing code. And as the pandemic forced companies to focus their attention on attracting and communicating with customers online, many companies turned to Appian to build their apps last year.
The demand for an easy app-building service pushed up Appian’s cloud subscription revenue, which increased 40% in the third quarter. In turn, the company’s total revenue increased 17% in the quarter to $70.9 million, and adjusted earnings per share reached breakeven, outpacing Wall Street’s consensus estimate for a loss of $0.17 per share.
Appian’s growth in the third quarter,