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What: Shares of Bottomline Technologies (Nasdaq: EPAY) have dropped by as much as 24% today after the company reported third-quarter earnings.
So what: Revenue rose 13% to $55.3 million, while adjusted net income came out to $7.3 million, or $0.21 per share. Those results were mostly in line with expectations, although on a GAAP basis the company lost $1.3 million, or $0.04 per share.
Now what: A major highlight of the quarter was the acquisition of Intuit's cloud-based commercial banking business, although costs related to the acquisition held back Bottomline's bottom line. The company saw acquisition-related expenses of over $4.9 million, including amortization and restructuring charges, during the quarter. CEO Rob Eberle said that Bottomline continues to enter new markets and transition to cloud-based delivery and revenue models.
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