June 22, 2010 / 9:23 PM / 7 years ago

UPDATE 1-Progress Q2 rev misses Street, Q3 rev view weak

2 Min Read

* Q2 rev misses Street

* Q2 adj EPS $0.59 vs est $0.54

* Sees Q3 rev below market expectations

* Shares down 9 percent

June 22 (Reuters) - Business software maker Progress Software Corp (PRGS.O) posted lower-than-expected second-quarter revenue and gave a weak third-quarter revenue forecast, sending its shares down 9 percent.

For the second quarter, the company's net income was $19.1 million, or 43 cents a share, compared with $6.9 million, or 17 cents a share, last year. Excluding items, it earned 59 cents a share.

Revenue rose 9 percent to $127.7 million.

Analysts on average were looking for earnings of 54 cents a share, excluding items, on revenue of $130 million, according to Thomson Reuters I/B/E/S.

Progress expects third-quarter adjusted earnings of 53 cents to 56 cents a share, excluding items, on revenue of $121 million to $124 million.

Analysts were expecting 54 cents a share, excluding items, on revenue of $132.6 million.

On June 10, the company said it will cut about 7 percent to 9 percent of its global workforce and record a pre-tax charge of about $11 million to $16 million in the third quarter.

Bedford, Massachusetts-based Progress Software's shares, which have gained 51 percent over the last one year, were down $2.68 at $28.82 in extended trade. They closed at $31.50 Tuesday on Nasdaq. (Reporting by S. John Tilak in Bangalore; Editing by Jarshad Kakkrakandy)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below