Progress Software Tanks on Q4 Results
Shares of Progress Software (NASDAQ: PRGS) are trading lower in the after-hours following the release of the company's Q4 earnings results. Currently, shares are lower by 5.30%, trading at $18.75; they ended the regular session higher by 2.33%, at $19.80.
Progress Software reported Q4 EPS of $0.34 on revenues of $136.3 million. Revenues decreased 6% year over year.
Jay Bhatt, president and chief executive officer of Progress Software, said: "The results for the fourth quarter met expectations, but they reflect challenges the company is facing in its ongoing transformation. We are building capabilities as an enterprise solutions provider through investments in our field organization, product integration and creating greater market awareness of the Progress Responsive Process Management suite.”
“Even with these significant changes, our Enterprise Business Solutions segment grew 12% for the year. We continue our investments in the EBS business segment as we enter 2012, and are optimistic about our growth potential in the second half of the year as more and more business leaders see how our offerings can increase their operational responsiveness.”
The company sees Q1 EPS to be approximately $0.25, representing a decrease of approximately 40% year over year. Revenue is expected to be approximately $120 million, representing a decrease of approximately 10% year over year.
Progress Software Corporation is a global enterprise software company. The company offers a portfolio of real-time software solutions. A key offering is the Progress Responsive Process Management suite that enables enterprises to achieve business performance.
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