Progress Software Shares Fall 5% Despite Q1 Beat
<p><a href='https://financialmodelingprep.com/financial-summary/PRGS'>Progress Software (NASDAQ:PRGS)</a> shares dropped nearly 5% today despite the company reporting solid Q1 results, beating the Street estimates behind robust demand for its product portfolio and strong cost management.</p>
<p>EPS was $1.19, better than the Street estimate of $1.05. Revenue came in at $165.6 million, beating the Street estimate of $151.73 million. The company expects Q2/23 EPS to be in the range of $0.88-$0.92, compared to the Street estimate of $0.99. Revenue is seen at $168-172 million, compared to the Street estimate of $169 million.</p>
<p>For the full year, the company expects EPS in the range of $4.09-$4.17, compared to the Street estimate of $4.14. Revenue is seen at $680-688 million, compared to the Street estimate of $679.4 million.</p>
<p>According to the analysts at Oppenheimer, the macro environment and tight budget conditions should help sustain demand for the company’s attractively priced product portfolio. The analysts believe management is conservatively accounting for the macro environment in 2023 revenue and operating margin guidance and see the potential for out-performance if demand remains robust, inflation holds steady, and synergies from the MarkLogic acquisition are realized ahead of schedule.</p>

NASDAQ:PRGS