First-half numbers from The Sage Group PLC (LSE:SGE) were good but not quite good enough for the City, sending the shares down over 10% to 1,070p.
The stock had risen almost 50% over the past year and recently hit an all-time high of 1,285p.
Results for the six months to end-March showed underlying revenue grew 10% to £1.15 billion.
Organic growth of 9% was just shy of the consensus 9.5% forecast and recurring revenue growth of 11% was in line with expectations.
Underlying earnings per share came in at 18.2p, up 23% and in-line with forecasts.
CEO Steve Hare said demand for its accounting, HR and payroll products from small and mid-sized businesses "remains robust" and looking forward, "despite the ongoing macroeconomic uncertainty, I am confident that Sage's proven strategy, underpinned by continued investment, will enable us to deliver further efficient growth".
The company expects organic revenue growth for the full year to be "broadly in line with the first half".
This "implies a slight nudge down" to organic growth expectations, said analyst Damindu Jayaweera at Peel Hunt, with the lack of an upgrade here likely to weigh on market sentiment.