Progress Software shares weaken after mixed quarter, forecast
Progress Software Corp. PRGS,
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.
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