Progress Software shares weaken after mixed quarter, forecast

Progress Software Corp. PRGS,
-0.48%
Shares tumbled in an extended session on Tuesday after the infrastructure software company’s quarterly earnings beat expectations while revenue remained flat. Shares of Progress Software fell 3% after hours and last dropped 1.4% after dropping 0.5% in regular session to $53.50. The company reported fourth-quarter net income of $23.7 million, or 54 cents per share, compared to $14.9 million, or 33 cents per share, a year earlier. Adjusted earnings, which excludes compensatory expenses on shares and other items, were $1.12 per share, compared with 92 cents per share last year. Revenue rose to $159.2 million from $143.7 million in the year-ago quarter. Analysts polled by FactSet had forecast $1.09 per share on revenue of $162.1 million. Progress Software forecasts earnings of $1.04 to $1.08 per share on revenue of $157 million to $161 million for the first quarter and $4.09 to $4.17 per share on revenue of $675 million to $685 million for the year . Analysts valued $1.04 per share on $151.7 million in first-quarter revenue and $4.34 per share on $630.2 million in full-year revenue.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button