Company exceeds earnings expectations and sees revenue growth

  • Progress Software’s profit in 4Q fell compared to the same quarter last year
  • Adjusted earnings were $1.02 per share, beating analyst expectations
  • Revenue rose to $177 million, surpassing analyst forecasts
  • Annual recurring revenue increased by 17% year-over-year

Progress Software reported a decline in profit for its fiscal fourth quarter, while revenue increased. The company’s profit was $15.3 million, or 34 cents per share, compared to $23.7 million, or 54 cents per share, in the same quarter last year. However, adjusted earnings were $1.02 per share, surpassing analyst expectations of 91 cents per share. Revenue rose to $177 million, exceeding analyst forecasts of $174.1 million. Progress Software also saw a 17% increase in annual recurring revenue. Despite higher costs of revenue and operating expenses, the company’s net retention remained at 100%, in line with its target.

Public Companies: Progress Software (N/A)
Private Companies:
Key People: Anthony Folger (Chief Financial Officer)

Factuality Level: 8
Justification: The article provides specific financial figures and quotes from the Chief Financial Officer, which adds credibility to the information. The article also mentions analyst forecasts from FactSet, which indicates that the information is based on external sources. However, the article does not provide any additional context or analysis, which could have helped to further verify the information.

Noise Level: 6
Justification: The article provides information on Progress Software’s profit in its fiscal fourth quarter, including revenue, costs, and earnings per share. It also mentions analyst forecasts and the company’s annual recurring revenue and net retention. However, it lacks analysis of long-term trends or antifragility, and does not hold powerful people accountable or provide actionable insights or solutions.

Financial Relevance: Yes
Financial Markets Impacted: Progress Software’s financial performance may impact its stock price and investor sentiment.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses Progress Software’s financial performance in its fiscal fourth quarter. While there is no mention of an extreme event, the company’s lower profit and higher costs may have implications for its stock price and investor sentiment.

Reported publicly: www.marketwatch.com