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Progress Software profit beats estimates on cost cuts
Sept 26 |
Sept 26 (Reuters) - Database management software maker Progress Software Corp reported a third-quarter profit that beat analysts' estimates, helped by cost cuts.
The company's net income from continuing operations fell to $5.8 million, or 12 cents per share, from $9.1 million, or 14 cents per share, a year earlier.
Excluding items, it earned 31 cents per share.
Revenue fell 14 percent to $107.2 million.
Analysts expected earnings of 24 cents per share on revenue of $112.3 million, according to Thomson Reuters I/B/E/S.
Shares of the Bedford, Massachusetts-based company rose 3 percent in after hours trading on Wednesday. They closed at $19.16 on the Nasdaq.
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