Progress Software ( NASDAQ: PRGS ) fell nearly 8% on Wednesday as the Boston-based application software company posted second-quarter results that topped expectations, but issued guidance that fell well short of expectations.
Looking to the third-quarter, Progress ( PRGS ) said it expects revenue to be between $147M and $150M, well below the $160.92M that analysts were expecting. Adjusted earnings per share is forecast to be between 96 cents and 98 cents per share, compared to estimates of $1.10 per share.
For the full-year, Progress ( PRGS ), led by Chief Executive Yogesh Gupta, expects sales to be between $609M and $617M, with earnings between $4.05 and $4.11 per share. Analysts were expecting $612.76M in sales and $4.06 per share in earnings.
Second-quarter results topped expectations however, as Progress ( PRGS ) reported $150.88M in revenue and $1.04 per share in adjusted earnings. Analysts were expecting $146.45M and 95 cents per share in adjusted earnings.
Other software stocks were mixed following the news, as Salesforce ( CRM ) was slightly lower , while Adobe ( ADBE ), Intuit ( INTU ), Microsoft ( MSFT ) and ServiceNow ( NOW ) all traded higher in early Wednesday trading.
Progress ( PRGS ) recently expanded its partnership agreement with Ingram Micro to extend the coverage of PRGS' application experience products in Sweden, Finland, Denmark and Norway .
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Progress Software drops 7% as guidance falls short of estimates; software stocks stay mixed