Why Blackbaud Stock Is Falling Today
Shares of Blackbaud (NASDAQ: BLKB) are falling today, down 12.6% as of 11 a.m. EDT, after the release of the cloud software company's third-quarter earnings report. Yesterday after market close, Blackbaud reported non-GAAP diluted earnings per share of $0.73, which actually beat Wall Street's consensus estimate of $0.70 per share. Usually, investors are cheered when they see an earnings beat, but the fact that Blackbaud missed on revenue, combined with the pessimistic sentiment in the stock market over the past few days as coronavirus cases rise across Europe and the U.S., likely added to shareholder fears.
