Progress Software Tops Q1 Earnings and Revenues Estimates

Progress Software Tops Q1 Estimates, Revenues Soar

Progress Software Corporation (PRGS) - Get Report, a leading provider of application development and digital business platforms, yesterday announced its financial results for the first quarter of 2022. The company surpassed Wall Street expectations, reporting strong earnings and revenue growth.

For the quarter ended April 30, 2022, Progress Software reported non-GAAP earnings of $0.43 per share, significantly outpacing the Zacks Consensus Estimate of $0.36 per share. The company's non-GAAP revenues also exceeded expectations, totaling $134.9 million and representing a 14.1% year-over-year increase.

The strong Q1 performance was driven by the company's continued focus on delivering innovative solutions to its customers. Progress Software's flagship products, including Progress Telerik and Progress Sitefinity, continue to gain traction in the market, driving revenue growth and expanding the company's presence in the digital business platform market.

"We are pleased with our strong start to the year, with both earnings and revenues exceeding our expectations," said Yogesh Gupta, President and CEO of Progress Software. "Our focus on innovation and customer success is driving growth and we are confident in our ability to continue to deliver value to our customers and shareholders."

Progress Software's Q1 performance has boosted investor confidence in the company, with shares rising over 2% in pre-market trading yesterday. The company's strong start to the year has also set a positive tone for the remainder of 2022, with analysts expecting continued growth and momentum in the quarters ahead.