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Progress Software shares surge on 1Q earnings and revenue beats powered by OpenEdge

CEO Yogesh Gupta attributes the gains to the success of its business application development language, OpenEdge

Person wearing a suit behind software graphics
The software platform developer delivered diluted earnings of $0.50 per share on revenue of $89.5 million

Progress Software Corp (NASDAQ:PRGS) stock surged after posting fiscal first-quarter results that beat earnings and revenue expectations late Thursday.

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.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Progress Software

Price: 49.065 USD

Market: NASDAQ
Market Cap: $2.2 billion

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