Deltek tumbles, Q1 results shy of the Street

Shares of Deltek, Inc. (Nasdaq:PROJ) are getting pummeled this morning after the provider of enterprise applications software for project-focused businesses reported first-quarter results after Thursday’s close that fell below the consensus on Wall Street.

The Herndon, Virginia-based firm attributed results to purchasing delays and elongated sales cycles with its A&E and professional services customers as the U.S. macroeconomic environment weakened. The company said it also experienced execution challenges that adversely impacted licensing revenue.

Shares skidded 28%, or $4.18, to $9.94 at 10:10 a.m. For detailed price information and recent news stories about Deltek, click PROJ. 

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