<div>
  <ul>
    <li>
      <p>
        Appfolio, a rental property management platform, has announced plans to layoff 149 employees (9% of its workforce) across all departments.
      </p>
    </li>
    <li>
      <p>
        Shane Triggs, 
        <a href="https://sp-edge.com/updates/16818">
          president and CEO of AppFolio since March 2023
        </a>
        , states the decision to lay off 9% of its workforce is part of its cost reduction initiative and business restructuring plans, including making technological investments to improve efficiency, shrinking office spaces, and re-evaluating hiring needs to improve business profitability.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        Appfolio&rsquo;s layoff announcement comes nearly three weeks after the company reported its Q2 2023 financial results, beating consensus estimates on earnings and revenue. However, similar companies operating within the residential property tech space such as 
        <a href="https://sp-edge.com/updates/20046">
          Matterport
        </a>
        , 
        <a href="https://sp-edge.com/updates/17840">
          Opendoor
        </a>
        , and 
        <a href="https://sp-edge.com/updates/17719">
          Redfin
        </a>
         announced layoff plans over recent months, citing cost reduction initiatives and improving profitability measures adapting to the housing market downturn.&nbsp;&nbsp;&nbsp;
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://ir.appfolioinc.com/static-files/909306d3-de38-42aa-ab6f-276d6c950e13">
      SEC Filing
    </a>
  </p>
  <p>
    <a href="https://www.pacbiztimes.com/2023/08/17/appfolio-lays-off-9-of-workforce-in-second-round-of-2023-cuts/">
      Pacific Coast Business Times
    </a>
  </p>
  <p>
  </p>
</div>


Residential PropTech

Appfolio, a rental property management platform, has announced that it will lay off 149 employees (9% of its workforce) as part of its cost reduction initiative and business restructuring plans. The company aims to improve efficiency by making technological investments, shrinking office spaces, and re-evaluating its hiring needs. Despite beating consensus estimates on earnings and revenue in its Q2 2023 financial results, Appfolio joins other residential property tech companies, such as Matterport, Opendoor, and Redfin, in announcing layoffs to adapt to the housing market downturn and improve profitability.

Appfolio to layoff 9% of workforce

Appfolio’s Q2 earnings beat analyst estimates; achieving 25.2% YoY revenue growth and management reiterates positive outlook for FY2023

Latch announces partnership with Appfolio to automate resident access management

All Updates

Appfolio to layoff 9% of workforce

Appfolio’s Q2 earnings beat analyst estimates; achieving 25.2% YoY revenue growth and management reiterates positive outlook for FY2023

Latch announces partnership with Appfolio to automate resident access management

Appfolio Q1 earnings beat analyst estimates; management reiterates positive outlook for FY2023

Appfolio announces Shane Trigg as president and CEO

Appfolio Q4 earnings beat analyst estimates; management provides positive outlook for FY2023

Appfolio beats analyst estimates for Q3 2022 with growth in property units under management

Appfolio beats analyst estimates for Q2 2022 on the back of new products and increase in units under management

Appfolio announces strategic partnership with Knock

Appfolio overshoots analyst estimates by twofold in Q1