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Progress Software (PRGS) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Zacks Equity Research
·2-min read

Progress Software (PRGS) reported $175.08 million in revenue for the quarter ended May 2024, representing a year-over-year decline of 2.3%. EPS of $1.09 for the same period compares to $1.06 a year ago.

The reported revenue represents a surprise of +3.85% over the Zacks Consensus Estimate of $168.6 million. With the consensus EPS estimate being $0.95, the EPS surprise was +14.74%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how Progress Software performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Revenue- Services: $18.60 million compared to the $16.66 million average estimate based on three analysts.

  • Revenue- Maintenance: $102.50 million compared to the $98.91 million average estimate based on three analysts.

  • Revenue- Maintenance and services: $121.10 million versus the three-analyst average estimate of $115.57 million. The reported number represents a year-over-year change of -0.6%.

  • Revenue- Software licenses: $53.98 million compared to the $52.42 million average estimate based on three analysts. The reported number represents a change of -4.3% year over year.

View all Key Company Metrics for Progress Software here>>>

Shares of Progress Software have returned -2.6% over the past month versus the Zacks S&P 500 composite's +2.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Zacks Investment Research