BURLINGTON, Mass. - Progress Software (NASDAQ:PRGS) Corporation (NASDAQ: PRGS) reported better-than-expected third quarter results and raised its full-year guidance, sending shares up 4.99% in after-hours trading.
The AI-powered infrastructure software provider posted adjusted earnings per share of $1.26 for the quarter ended August 31, surpassing analyst estimates of $1.14. Revenue came in at $179 million, topping the consensus forecast of $176.1 million and representing a 2% year-over-year increase.
"This is a very exciting time for Progress. Our Q3 results were ahead of our guidance, and I am extremely pleased with our execution during the quarter," said CEO Yogesh Gupta.
For the full fiscal year 2024, Progress Software now expects adjusted earnings per share between $4.75 and $4.85, up from its previous outlook of $4.70 to $4.80. The company also raised its revenue guidance to a range of $745 million to $755 million, compared to its earlier forecast of $725 million to $735 million.
The upbeat outlook reflects Progress Software's confidence in its business momentum and recent acquisition plans. Earlier this month, the company announced an agreement to acquire ShareFile from Cloud Software Group for $875 million.
"We expect the deal to close before the end of our fiscal year, and we are eager to begin the work of integrating ShareFile's people and products into the Progress team," Gupta added.
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