Appian Corp (NASDAQ: APPN), a leading provider of low-code software development platforms, saw its stock soar by 5.36% on November 7, 2024, following the company's impressive third-quarter financial results and positive outlook for the remainder of the year.

In the third quarter of 2024, Appian reported revenue of $154.1 million, beating Wall Street's expectations of $152 million. The company's adjusted earnings per share of $0.15 also surpassed analysts' estimates of -$0.08, reflecting its commitment to profitability. Appian's guidance for the fourth quarter of 2024 and the full year were equally encouraging, with projected revenue and adjusted EBITDA exceeding analysts' forecasts.

Appian's strong performance can be attributed to several key factors. The company's cloud subscription revenue grew by 22% year-over-year, reaching $94.1 million, demonstrating the growing demand for its low-code platform. Additionally, Appian's gross margin improved to 75.9%, up from 73.7% in the same quarter last year, reflecting its operational efficiency.

Notably, Appian's net revenue retention rate remained robust at 117%, indicating high customer satisfaction and continued adoption of its solutions. This metric underscores the company's ability to drive sustainable growth by expanding its existing customer relationships.