Progress Software Corporation Reports Strong Third-Quarter Results and Raises Full-Year Guidance

Progress Software Corporation (NASDAQ: PRGS), a leading AI-based infrastructure software provider, has reported impressive third-quarter results, exceeding analysts’ expectations and prompting a 4.99% surge in after-hours trading.

The company’s adjusted earnings per share for the quarter ended August 31 stood at $1.26, surpassing consensus estimates of $1.14. Revenue for the quarter reached $179 million, beating expectations of $176.1 million and marking a 2% increase from the year-ago quarter.

CEO Yogesh Gupta expressed enthusiasm for the company’s performance, stating, “This is an exciting time for Progress. Our third-quarter results were ahead of guidance, and we are very pleased with our execution during the quarter.”

Progress Software has revised its full-year 2024 guidance, anticipating adjusted earnings per share to range from $4.75 to $4.85, up from the previous outlook of $4.70 to $4.80. The company has also raised its revenue guidance to a range of $745 million to $755 million, an increase from the previous outlook of $725 million to $735 million.

This optimistic outlook reflects the company’s confidence in its business momentum and recent acquisition plans. The acquisition of ShareFile from Cloud Software Group for $875 million, announced earlier this month, is expected to close before the end of the fiscal year.

CEO Yogesh Gupta added, “We expect the transaction to close before the end of our fiscal year, and we look forward to beginning the integration of ShareFile’s people and products into the Progress team.”