Progress Software Is Making Progress Where It Counts
Shares of application development platform Progress Software (NASDAQ: PRGS) shed 5% of their value on Wednesday following the company's fiscal third-quarter 2020 earnings report, which it filed after markets closed on Tuesday.
Progress' top line continued to exhibit anemic growth. Revenue increased by 3% over Q3 2019, to $109.7 million. And while the organization updated its revenue outlook for the current fiscal year, the positive revision amounted to just a slight upward nudge. At the midpoint of the range, the new guidance aims for 2020 revenue of $440 million, against the previous midpoint target of $430 million.
Nonetheless, even as shareholders expressed mild disappointment with the company's slow top-line growth, Progress revealed trends that are certainly moving in the right direction.
Source Fool.com
