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.
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.
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.
Zacks’ Top 3 Hydrogen Stocks
Demand for clean hydrogen energy is projected to reach $500 billion by 2030 and grow 5-FOLD by 2050. Want in? Zacks has targeted 3 diversified titans that could lead the way to becoming hydrogen powerhouses.
One has crushed the market over the past 25 years – up +2,400% to +380%.
Another already has capital commitments of $15 billion for low carbon hydrogen products through 2027 alone.
Our third pick soared to 52-week highs in Q4 2023 and has raised its dividend every year for over a decade.
See Stocks Now >>Progress Software Corporation (PRGS) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
