What happened

Shares of business payment automation company Bottomline Technologies (EPAY) took a hit on Friday. Shares fell as much as 23%. As of 11:53 a.m. EST, the stock was down 16.5%.

The stock's decline follows Bottomline's fiscal second-quarter results. While results were about in line with expectations, the stock may have sold off because of weaker-than-anticipated guidance.

A chalkboard sketch of a chart showing a stock price falling

Image source: Getty Images.

So what

For its second quarter of fiscal 2019, Bottomline reported total revenue of $104.8 million, up 10% year over year or 11% in constant currency. This was slightly ahead of a consensus analyst forecast for revenue of $103.4 million. 

Non-GAAP (generally accepted accounting principles) earnings per share for the period were $0.35, up from $0.31 in the year-ago quarter. This matched analysts' consensus estimate for the metric.

"Our strong operating results reflected continued execution against our strategic plan," said Bottomline CEO Rob Eberle in the company's fiscal second-quarter earnings release. "We had notable customer wins across our business payments platforms as customers continued to choose Bottomline for innovative and highly secure business payments solutions."

But the company's guidance may have disappointed some investors.

Check out the latest Bottomline earnings call transcript.

Now what

Looking forward, management said it expects total fiscal 2019 revenue to be between $415 million and $420 million. On average, analysts were expecting full-year revenue of about $426 million.

In addition, management said it expects fiscal third-quarter revenue to be between $103 million and $105 million, below a consensus analyst estimate of about $108 million.