PRGS Stock Plunges 12% After Lower-Than-Excepted Q3 Sales

PRGS stock

On Friday, PRGS stock slumped 12% after Progress Software Corp (NASDAQ:PRGS) reported lower-than-expected sales in the third quarter. Moreover, the company lowered its revenue estimate for the current quarter to $116–119 million from $122.1 million.

Q3 Results and Guidance

The company reported revenue of $13.6 million or $0.30 per share relative to the $14.4 million or $0.32 per share in revenue reported in Q3 last year. The company reported earnings of $0.75 per share and beat Zacks’ consensus estimate of $0.70. The software company grew its revenue in the quarter by 15% from $92.6 million in ...

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