Shawshank, VA 5/7/12 (StreetBeat) -- Shares of IP services provider BroadSoft (Nasdsaq: BSFT) are trading sharply lower Monday on disappointing Q2 guidance.For Q1, Broadsoft posted revenue of $38.3 million, up 29% from a year ago, and ahead of the Street at $37 million. Non-GAAP profits of 29 cents a share topped the Street at 23 cents.
For Q2, the company sees revenue of $36 million to $38 million, below the Street at $38.5 million, with non-GAAP profits of 17-23 cents a share, well below the consensus at 28 cents.
BroadSoft sees full year revenue of $158 million to $162 million, with non-GAAP profits of $1.22 to $1.32 a share, while the Street had been projecting $162.2 million and $1.26 a share.
You wouldn’t think anything was amiss judging by the commentary in the release.
“BroadSoft is off to a strong start in 2012, delivering solid first quarter results driven by continued demand for our software and services. We are pleased with the great success our customers are having delivering state-of-the-art communications services based on our core communications platform,” CEO Michael Tessler said in a statement. “We believe our market leadership position and strong demand from our service provider customers will lead to continued business expansion in 2012.”
But investors are not impressed: BSFT this morning is off $7.39, or 18.1%, to $33.50.
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