Bottomline Technologies stock price tumbled around -17% as markets opened Friday. On Thursday, the fintech company, which provides payment and invoice services, reported solid fiscal second-quarter earnings, but apparently fell shy of being remarkable.
Adjusted earnings of 35 cents per share matched Zacks Investment Research estimate. It was higher compared to the year-ago period’s 31 cents a share.
With a 10% year-over-year increase in the quarter ended Dec. 31, Bottomline’s revenue touched $104.8 million. That beat Zacks estimate of $103.7 million.
According to Rob Eberle, Bottomline's president and CEO, the company delivered “a solid second quarter performance”. He also indicated that the firm has a strong customer following for its business payment solutions.