SANTA BARBARA, Calif. (AP) — SANTA BARBARA, Calif. (AP) — AppFolio Inc. (APPF) on Thursday reported first-quarter net income of $42.4 million.

The Santa Barbara, California-based company said it had net income of $1.18 per share. Earnings, adjusted for stock option expense and amortization costs, came to $1.61 per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.44 per share.

The property management software maker posted revenue of $262.2 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $258 million.

AppFolio expects full-year revenue in the range of $1.11 billion to $1.13 billion.

AppFolio shares have decreased 35% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $152.30, a drop of 33% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APPF at https://www.zacks.com/ap/APPF