UPDATE: Progress Software Posts Upbeat Q3 Profit

Progress Software

reported a better-than-expected third-quarter profit. Progress Software's quarterly net income from continuing operations dropped to $5.8 million, or $0.12 per share, versus $9.1 million, or $0.14 per share, in the year-ago period. Excluding items, Progress Software earned $0.31 per share. Its revenue declined 14% to $107.2 million. However, analysts were expecting earnings of $0.24 per share on revenue of $112.3 million. Progress Software shares gained 3.34% to $19.80 in after-hours trading.