Progress Software stock ticks higher as results top Street view

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Progress Software Corp.
PRGS,
-0.05%
shares rose in the extended session Thursday after the business software company topped Wall Street estimates for the quarter. Progress shares rose 2.6% after hours, following a less than 0.1% decline in the regular session to close at $41.80. The company reported first fiscal-quarter net income of $19 million, or 42 cents a share, compared with $21.1 million, or 46 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 95 cents a share, compared with 76 cents a share in the year-ago period. Revenue rose to $131.8 million from $109.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast 75 cents a share on revenue of $121.4 million. Progress forecast 72 cents to 74 cents a share on revenue of $119 million to $123 million for the fiscal second quarter, and $3.38 to $3.42 a share on revenue of $519 million to $527 million for the year. Analysts had estimated 77 cents a share on revenue of $124 million for the second quarter, and $3.25 a share on revenue of $517.6 million for the year.

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