Recap: Progress Software Q1 Earnings

Shares of Progress Software PRGS increased in after-market trading after the company reported Q1 results.

Quarterly Results

Earnings per share increased 25.00% year over year to $0.95, which beat the estimate of $0.75.

Revenue of $131,784,000 rose by 15.84% year over year, which beat the estimate of $121,390,000.

Outlook

Progress Software Raises FY21 EPS Guidance From $3.22-$3.28 To $3.38-$3.42 Vs. $3.25 Est., Raises Sales Guidance From $513M-$521M To $519M-$527M vs. $517.6M Est.

Details Of The Call

Date: Mar 25, 2021

Time: 05:00 PM

ET Webcast URL: https://edge.media-server.com/mmc/p/qc5t5jwx

Price Action

Company's 52-week high was at $49.23

52-week low: $30.01

Price action over last quarter: down 5.30%

Company Overview

Progress Software Corporation is a provider of cloud-based security solutions to large- and mid-sized organizations in a wide range of industries. The firm operates in three segments: OpenEdge, which offers development software for building multi-language applications; Data Connectivity and Integration, which focuses on data integration components of its cloud offerings; and Application Development and Deployment, which focuses on growing application development assets for customers. The company derives revenue from perpetual licenses to its products, but some products also use term licensing models. Its cloud-based offerings use a subscription-based model. A majority of the firm's revenue is generated in the United States, Europe, the Middle East, and Africa (EMEA).