Progress Software’s Revenues Miss, Guides Lower; Shares Plummet (PRGS)

Progress Software Corp.

reported fiscal year Q2 earnings after the bell today; shares closed at $31.50, down 5.26%, but are now down to $28.82, off 8.51% in the after-hours. The company said that Q2 EPS came in at $0.59 per share on revenue of $128.3 million. The Street was expecting $0.54 on revenue of $130.0 million. PRGS estimated Q3 EPS at $0.53-0.56 on revenue of $121-124 million; the Street was looking for $0.54 on revenue of $132.57 million. The company’s FY2010 guidance also disappointed; they estimated EPS of $2.28-2.35 on revenue of $509-519 million, whereas the Street was looking for $2.30 per share on $538.22 million. Progress Software Corporation is a supplier of application infrastructure software and services for the development, deployment, integration and management of business applications. The Company develops, markets and distributes its products to businesses, industries and governments worldwide. It also provides consulting, training and customer support services.