: Progress Software stock weakens on mixed quarter, outlook

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Progress Software Corp. PRGS, -0.48% shares slipped in the extended session Tuesday after the infrastructure software company’s quarterly earnings beat but its revenue didn’t, while offering an outlook that was also mixed compared with the Wall Street average. Progress Software shares fell as much as 3% after hours, and were last down 1.4%, following a 0.5% decline in the regular session to close at $53.50. The company reported fourth-quarter net income of $23.7 million, or 54 cents a share, compared with $14.9 million, or 33 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.12 a share, compared with 92 cents a share in the year-ago period. Revenue rose to $159.2 million from $143.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast $1.09 a share on revenue of $162.1 million. Progress Software forecast earnings of $1.04 to $1.08 a share on revenue of $157 million to $161 million for the first quarter, and $4.09 to $4.17 a share on revenue of $675 million to $685 million for the year. Analysts had estimated $1.04 a share on revenue of $151.7 million for the first quarter, and $4.34 a share on revenue of $630.2 million for the year.

This article was originally published by Marketwatch.com. Read the original article here.

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