Progress Software Corporation is a global software company that specializes in developing application development and deployment solutions, data integration, and management tools
The company offers a comprehensive suite of software products that enable organizations to create, deploy, and manage applications efficiently across multiple platforms. Progress Software's offerings include advanced data connectivity solutions, application development frameworks, and tools for modernizing legacy systems, ultimately helping businesses to enhance their operational agility, streamline processes, and improve customer experiences. The company serves a diverse range of industries, providing technology that supports both traditional and cloud-native environments.
Annualized recurring revenue, a key operating metric, jumped 48% YoY to $836 million, with the growth rate accelerating from the 46% pace in the previous quarter.
The Finchat-compiled consensus estimates call for adjusted earnings per share (EPS) of $1.06 and revenue of $235.64 million for the first quarter of the fiscal year 2025.
Progress Software Corp shares are trading higher in Tuesday's after-hours session after the company reported better-than-expected financial results for the third quarter.
After the market ended at a fresh record on Monday, traders have positioned themselves for more gains. The index futures are modestly higher early Tuesday. China, the second largest economy in the world, decided to go bold, with the nation’s central bank announcing a series of stimulatory measures. This has sent commodities soaring, given China is a commodity-guzzling country.
Progress Software to acquire ShareFile for $875 million. Dividend suspended for debt repayment and future M&A. Progress anticipates revenue and adjusted EPS for its fiscal third quarter to be within or above the high end of previously issued guidance.
