William Blair analyst Bhavan Suri says Appian's reduced revenue guidance is entirely due to lower than expected professional services revenue in the year, "not because of any issues in the core business." In fact, the company actually increased full-year subscription revenue guidance and management's tone on the call was positive on the fundamentals of the business, Suri tells investors in a research note. The analyst is not concerned about the lower professional services revenue guidance, noting that it is an indicator Appian's partner strategy is succeeding. This is a positive for Appian, both in the short and long term, which will result in increased adoption of its software, says the analyst. Ader keeps a Market Perform rating on Appian but came away from the quarter "incrementally positive on the business and the long-term opportunity."