BURLINGTON, Mass. – Progress software (NASDAQ:) Corporation (NASDAQ: PRGS) reported better-than-expected third-quarter results and raised its full-year forecast, sending shares up 4.99% in after-hours trading.
The AI-driven infrastructure software provider reported adjusted earnings of $1.26 per share for the quarter ended Aug. 31, topping analyst estimates of $1.14. Revenue came in at $179 million, beating consensus expectations of $176.1 million and representing a 2% year-over-year increase.
“This is a very exciting time for Progress. Our Q3 results were better than expected and I am extremely pleased with our execution during the quarter,” said CEO Yogesh Gupta.
For the full fiscal year 2024, Progress Software now expects adjusted earnings per share of $4.75 to $4.85, up from its previous forecast of $4.70 to $4.80. The company also raised its revenue forecast to a range of $745 million to $755 million, from its previous guidance of $725 million to $735 million.
The optimistic outlook reflects Progress Software’s confidence in its business momentum and recent acquisition plans. Earlier this month, the company announced an agreement to acquire ShareFile from Cloud Software Group for $875 million.
“We expect the deal to close before the end of our fiscal year and we can’t wait to begin integrating ShareFile’s people and products into the Progress team,” Gupta said.
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