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Why Shares of Progress Software Slumped Today

TheMotleyFool

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Why Shares of Progress Software Slumped TodayPhoto, wide shot, wide-angle lens, Telecom equipment supplier, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.theapi.app/temp/3967c11c-b755-4d39-87d0-acc853384c80.png

Shares of Progress Software (NASDAQ: PRGS) dropped on Friday after the application development platform provider reported its fiscal third-quarter results. While the company beat analyst estimates for both revenue and earnings, the outlook for the fourth quarter fell short of expectations. The stock was down about 9.6% at 1 p.m. EDT.

Progress reported third-quarter revenue of $106.7 million, up 15% year over year. Non-GAAP (adjusted) revenue was up 25% to $115.5 million, beating analyst estimates by about $4.7 million. Revenue from software licenses was up 34% to $30.7 million, while maintenance and services revenue rose 9% to $76.0 million.

Image source: Getty Images.

Source Fool.com

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