Blackboard Inc. Earnings: Double-Digit Revenue Growth Continues
Blackboard Inc. (NASDAQ:BBBB) reported its results for the first quarter. Blackboard, Inc. is a provider of enterprise software applications and related services to the education industry.
Blackboard Earnings Cheat Sheet for the First Quarter
Results: Swung to a loss of $3.4 million (10 cents/diluted share) in the quarter. The Blackboard Inc. had a net income of $5 million or 15 cents per share in the year earlier quarter.
Revenue: Rose 17.5% to $118.8 million YoY.
Actual vs. Wall St. Expectations: BBBB reported adjusted net income of of 28 cents/share. By that measure, the company beat the mean estimate of 27 cents/share. Estimates ranged from 26 cents per share to 28 cents per share.
Quoting Management: “Our business is off to a strong start for the year,” said Michael Chasen, chief executive officer and president of Blackboard. “The investments we are making are allowing us to improve product quality and enhance overall client satisfaction.”
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 18.4%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 22.8% from the year earlier quarter.
BBBB’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $1.5 million in the fourth quarter of the last fiscal year, a profit of $5.7 million in the third quarter of the last fiscal year and $4.4 million in the second of the last fiscal year.
Competitors to Watch: Oracle Corporation (NASDAQ:ORCL), K12 Inc. (NYSE:LRN), Microsoft Corporation (NASDAQ:MSFT), Tyler Technologies, Inc. (NYSE:TYL), The McGraw-Hill Companies, Inc. (NYSE:MHP), Adobe Systems Incorporated (NASDAQ:ADBE), Renaissance Learning, Inc. (NASDAQ:RLRN), Google Inc. (NASDAQ:GOOG), CDC Software Corp (NASDAQ:CDCS), and Citrix Systems, Inc. (NASDAQ:CTXS)
Stock Performance: Shares of BBBB are unchanged from the previous close.