Since the beginning of November, the stock price has more than tripled, helped by a strong third-quarter earnings report, a possible short squeeze, and a broader rally in growth stocks. Total revenue rose 12.7% to $88.9 million, well ahead of the analyst consensus at $82.7 million, and cloud subscription revenue, the company's biggest priority, rose 38% to $39.1 million. The company forecast $77 million to $78 million, or 15% to 17% growth, which was below estimates at $84.1 million, and it projected a wider bottom-line loss than expected.
Appian (NASDAQ: APPN) announced today that business and technology consultancy Entelgy deployed its first application on the Appian Low-code Automation Platform in just two weeks. Using Appian RPA, Entelgy transformed its customer billing workflows and accelerated the company's time between invoicing and payment by 35%. The entirely automated process also reduces errors in invoice validation across regions, currencies, and tax schemes, enabling 98% of invoices to be processed without human intervention.
Appian (NASDAQ: APPN) today announces the launch of the Appian Automation Maturity Index, an interactive online benchmarking tool designed to offer powerful peer insights against a survey of 500 global C-level executives, and help financial services firms assess their progress towards automation excellence.