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.”