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)