Progress Software Corporation reported a decrease in profits for the first quarter, compared to the same period last year. However, the report surpassed the market’s estimates. The corporation’s net income amounted to $22.64 million or $0.51 per share, a slight drop from $23.67 million or $0.53 per share recorded in the previous year’s first quarter.Upon excluding certain factors, Progress Software Corporation’s adjusted earnings stood at $55.93 million or $1.25 per share for the given period. The average market prediction compiled by Thomson Reuters had estimated the company to earn around $1.14 per share. Usually, these estimates do not take into account any special items.Furthermore, the company’s revenue for the quarter saw a rise of 11.5%, climbing to $184.68 million from $165.61 million recorded in the previous year.A quick overview of the earnings of Progress Software Corporation (on a GAAP basis) is as follows:- Earnings for Q1: $22.64 million, down from $23.67 million in the previous year.- EPS for Q1: $0.51, a decrease from $0.53 in the previous year.- Revenue for Q1: $184.68 million, up from $165.61 million in the previous year.In terms of future expectations, the corporation has predicted full-year earnings per share to be in the range of $4.65 – $4.75, and anticipates the full-year revenue to be around $722 – $732 million.The material has been provided by InstaForex Company – www.instaforex.com
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