Blackbaud Q1 In Line, But Shares Fall As Guidance Disappoints

Blackbaud (BLKB), which provides enterprise software to non-profits, posted Q1 results in line with the Street. The company reported revenue of $76.2 million and non-GAAP profits of 20 cents a share, while the consensus had been $76.6 million and 20 cents.

In a conference call with the Street late yesterday, the company said it expects Q2 revenue of $78.5 million to $81 million, and non-GAAP profits of 21-22 cents; the Street has been expecting $79.6 million and 24 cents. In short, margins in Q2 are going to disappoint, and the Street is expressing its unhappiness in the usual fashion: by selling the stock.

BLKB is down $2.26, or 8.8%, to $23.38.