Progress Software stock falls after fiscal Q3 earnings

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Progress Software Corp. shares fell by as much as 11% in the extended session Tuesday after the company reported fiscal third-quarter earnings and raised its outlook for the year. Progress said it earned $24 million, or 53 cents a share, in the quarter, compared with 30 cents a share in the year-ago quarter. Adjusted for one-time items, Progress earned 78 cents a share, compared with 75 cents a share a year ago. Revenue rose 3% to $109.7 million, Progress said. Analysts polled by FactSet had expected progress to report an adjusted profit of 77 cents a share on sales of $110.1 million. “Our success in Q3 was driven by the incredible work and dedication of our employees under the challenging circumstances created by the continuing COVID-19 crisis,” Chief Executive Yogesh Gupta said in a statement. The company upped its revenue guidance for fiscal 2020 to between $438 million and $442 million, or for EPS between $1.63 and $1.66. The shares ended the regular trading day up 4%.
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