Progress Software shares fall on weak 2nd-quarter results
(Reuters) - Shares of Progress Software Corp (PRGS.O) fell as much as 12 percent on Friday after the company pre-announced second-quarter results that missed estimates by a wide margin.
The company, which has been cutting jobs and selling of assets to save costs, said its restructuring plans had created uncertainty among its customers and partners.
The database management software maker in April said it would sell 10 non-core product lines and cut about 10-15 percent of its workforce.
Progress said it expects second-quarter earnings of 17 cents to 19 cents per share, excluding items, on revenue of $110 million to $115 million.
Analysts on average were expecting earnings of 26 cents per share, excluding items on revenue of $123.7 million, according to Thomson Reuters I/B/E/S.
Shares of the company fell $2.15 to $17.75 in morning trade on the Nasdaq.
(Reporting by Neha Alawadhi in Bangalore; Editing by Saumyadeb Chakrabarty)
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