Progress Software | $PRGS Stock | Shares Fall After Third Quarter Revenue Miss

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Progress Software Corp (NASDAQ: PRGS)

 

Progress Software Corp, the company that offers a platform for creating apps and strategic business applications, reported its third-quarter financial results late Thursday.

Shares of the company hit $42.55 in the final minutes of trading yesterday. In premarket trading Friday, the stock lost $5.80, or 13.63% to change hands at $36.75.

PRGS Earnings & Outlook

The software firm said it had earnings of $0.37 per share for the quarter, up from $0.23 per share, in the same period a year ago. After stripping out special items, earnings came in at $0.60 per share.

Net sales during the three months to August 31, 2018 totaled $95.79 million, down from $97.62 million in the earlier-year period. Analysts were expecting the company to report adjusted earnings of $0.58 per share on $96.98 million net sales.

Looking ahead, Progress Software sees net sales in the range of $107 million to $110 million. However, the company has lowered its full-year net sales forecast to between $393 million and $396 million from its previous outlook of $399 million to $404 million.

Its earnings guidance for the full year is in the range of $2.45 to $2.48 per share.

Progress Software CEO Comments

“We are pleased with our Q3 and year-to-date performance, and with the growing interest and pipelines we are seeing for our new initiatives. We continue to make the investments we need to further strengthen our business and support our long-term success, while maintaining best-in-class operating margins,” stated Yogesh Gupta, chief executive officer of Progress Software.

Progress Software Corp Company Profile

Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment.

The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.

The Data Connectivity and Integration segment provides Progress DataDirect Connect software, which offers data connectivity using industry-standard interfaces to connect applications running on various platforms; and Progress DataDirect Hybrid Data Pipeline, a data access service that provides cloud and on-premises data sources for hybrid cloud applications, such as CRM, data management platforms, and hosted analytics.

The Application Development and Deployment segment offers Dev Tools, a cross-platform, user experience design, quality assurance, debugging, and reporting suite; NativeScript, an open-source application development platform; Test Studio, an application lifecycle management suite for testing Web, mobile, and desktop applications; and Sitefinity, a Web content management and customer analytics platform.

The company also provides project management, implementation, custom development, programming, and other services, as well as services to Web-enable applications; and training services. It sells its products directly to end users, as well as indirectly to application partners, original equipment manufacturers, and system integrators.

Progress Software Corporation was founded in 1981 and is headquartered in Bedford, Massachusetts. – Yahoo Finance

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