Progress Software tops estimates in Q1
Following the report, the company’s stocks rose in the extended session Thursday
Stocks impacted: Progress Software Corp. (PRGS)
The business software company topped estimates for the first quarter. The company reported a first fiscal quarter net income of $19 million, or 42 cents a share, compared with $21.1 million, or 46 cents a share, in the year-ago period. Revenue of $121.3 million increased 11% year-over-year on an actual currency basis, and 9% on a constant currency basis. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 95 cents a share, compared with 76 cents a share in the year-ago period. The operating margin was 23% and the Non-GAAP operating margin was 43%. Of note, a majority of the firm's revenue is generated in the United States, Europe, the Middle East, and Africa. Progress Software shares have lost about 7.5% since the beginning of the year, underperforming the market as the S&P 500 gained 3.5% so far this year. Following the report, the company’s stocks rose in the extended session Thursday.
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