The business software developer delivered diluted earnings of $0.50 per share on revenue of $89.5 million, outpacing Street expectations of $0.47 EPS on revenue of $87.6 million. The company brought in $0.56 EPS on revenue of $95.5 million a year earlier.
The stock sprang ahead 15% to $44.27.
CEO Yogesh Gupta attributes the gains to the success of OpenEdge -- Progress’s platform that helps companies develop and maintain applications -- at bringing in license revenue from its clients.
Looking forward, the Bedford, Massachusetts company expects EPS between $0.55 and $0.57 in its second quarter on revenue between $96 million and $99 million. That’s in line with analyst earnings expectations of $0.57 per share and ahead of revenue estimates of $93.2 million.
For fiscal 2019, Progress expects to rake in between $2.46 and $2.52 on revenue between $422 million and $428 million. The Street expects $2.37 EPS for the year on revenue of $383.4 million.
In April, Progress expects to complete its previously announced $225 million cash acquisition of Ipswitch Inc, an IT management software developer.
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