Why Pegasystems Stock Jumped Today
Shares of Pegasystems (NASDAQ: PEGA) were rallying today after the business process management software company posted better-than-expected results in its fourth-quarter earnings report.
As of 1:37 p.m. ET, the stock was up 16.7% on the news.
Pegasystems' revenue rose 25% to $396.4 million, easily beating estimates at $333.7 million. The timing of bookings seemed to give the top line a boost, as annual contract value rose 16% in constant currency to $1.16 billion, while its backlog was up just 4% in constant currency to $1.4 billion. Pegasystems was able to deliver that growth even as operating expenses declined, excluding a restructuring charge.
Source Fool.com
