The software company reported earnings of 39 cents a share for the fiscal third quarter, beating the Capital IQ Consensus Estimate of 33 cents a share. Revenue grew 2.2% year over year to $79.3 million for the quarter, below analysts' estimates of $79.7 million for the quarter.
"Our OpenEdge revenue growth and the continued momentum with our Pacific Platform reinforce the value that our technologies deliver to customers and partners," Progress CEO Phil Pead said in a statement.
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TheStreet Ratings team rates PROGRESS SOFTWARE CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROGRESS SOFTWARE CORP (PRGS) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, increase in net income and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year."