Progress Software drops 7% as guidance falls short of estimates (NASDAQ:PRGS)

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Progress Software (NASDAQ:PRGS) fell nearly 8% on Wednesday as the Boston-primarily based software software package organization posted second-quarter benefits that topped expectations, but issued advice that fell well small of anticipations.

Looking to the 3rd-quarter, Progress (PRGS) explained it expects profits to be amongst $147M and $150M, very well underneath the $160.92M that analysts were being anticipating. Altered earnings for every share is forecast to be among 96 cents and 98 cents for every share, as opposed to estimates of $1.10 for every share.

For the total-calendar year, Progress (PRGS), led by Chief Govt Yogesh Gupta, expects revenue to be concerning $609M and $617M, with earnings involving $4.05 and $4.11 for every share. Analysts were being expecting $612.76M in product sales and $4.06 for every share in earnings.

2nd-quarter final results topped anticipations, nonetheless, as Development (PRGS) documented $150.88M in revenue and $1.04 per share in altered earnings. Analysts ended up anticipating $146.45M and 95 cents for each share in modified earnings.

Other software shares were combined adhering to the information, as Salesforce (CRM) was a bit lower, whilst Adobe (ADBE), Intuit (INTU), Microsoft (MSFT) and ServiceNow (NOW) all traded better in early Wednesday buying and selling.

Progress (PRGS) recently expanded its partnership arrangement with Ingram Micro to increase the protection of PRGS’ software experience merchandise in Sweden, Finland, Denmark and Norway.

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