Stock Update: Progress Software shares surge 11% following strong Q3 earnings

Progress Software Corporation (NASDAQ: PRGS) saw its shares jump 11% after reporting impressive financial results for the third quarter of 2024, surpassing analyst expectations. The global software company posted revenue of $179 million, a 2% year-over-year increase, and earnings per share (EPS) of $1.26, marking a 17% growth from the previous year.

Additionally, Progress raised its outlook for the year, projecting full-year revenue between $745 million and $755 million, and EPS between $4.75 and $4.85. The company’s acquisition of ShareFile for $875 million is also expected to boost future growth, with the deal anticipated to close by the end of fiscal 2024.

Investors reacted positively to the news, sending the stock price higher as the company demonstrated strong financial health and growth potential.

As of 10:12 am the shares were trading 11.11% higher at $63.50

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Progress Software