- Pegasystems ( NASDAQ: PEGA ) stock jumped despite Q3 earnings miss as CEO says "Q3 2022 was by far the best quarter of the year for Pega."
- Top-line grew 6% Y/Y, led by 24% growth in Pega Cloud revenue
- Pega Cloud gross margin improved 400 basis points, increasing from 67% in Q3 2021 to 71%.
- "We are excited to see growth acceleration in key performance metrics despite significant foreign exchange headwinds," said Ken Stillwell, COO and CFO, Pegasystems. "We also continue to make progress on improving operational discipline and driving profitable growth to achieve the Rule of 40 as we exit 2024."
- Annual contract value grew 16% Y/Y; Pega Cloud ACV up 39% Y/Y.
- Backlog rose 11% Y/Y.
For further details see:
Pegasystems stock up after reporting best quarter of the year