Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why Shares of Progress Software Slumped Today

TheMotleyFool

0 0

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

Like: 0

PRGS

Share