Blackboard posts lower 2Q profit

Educational software company Blackboard Inc. said Wednesday its second-quarter profit declined even as sales grew, as expenses increased.

The company earned $1 million, or 3 cents per share, down from a profit of $3.4 million, or 12 cents per share, in the same period a year earlier. Excluding items, adjusted earnings were 22 cents per share in the latest quarter.

Revenue rose 27 percent to $75.5 million from $59.4 million.

Operating costs rose 39 percent to $74.7 million.

"Sales during the quarter were particularly strong in the U.S. higher education market and once again, we experienced increased demand for our managed hosting services," said Michael Chasen, president and chief executive, in a statement.

Shares fell $2.35, or 6 percent, to $37.50 in after-hours electronic trading. The stock had closed down 30 cents at $39.85.

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