Progress Software drops 7% due to lack of guidance on estimates (NASDAQ: PRGS)

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Progress Software (NASDAQ: PRGS) fell nearly 8% on Wednesday as the Boston-based application software company posted second-quarter results that topped expectations, but provided guidance that fell short of expectations.

Looking at the third quarter, Progress (PRGS) said it expects revenue to be between $ 147M and $ 150M, which is less than the $ 160.92M analysts expect. Adjusted earnings per share are estimated to be between 96 cents and 98 cents per share, compared to estimates of $ 1.10 per share.

For the full year, Progress (PRGS), led by Chief Executive Yogesh Gupta, expects sales to be between $ 609M and $ 617M, with revenues between $ 4.05 and $ 4.11 per share. Analysts expect $ 612.76M in sales and $ 4.06 per share in revenues.

Second quarter results were ahead of expectations however, as Progress (PRGS) reported $ 150.88M in revenue and $ 1.04 per share in adjusted earnings. Analysts expect $ 146.45M and 95 cents per share in adjusted earnings.

Other software stocks were mixed following the news, such as Salesforce (CRM). slightly lowerwhile Adobe (ADBE), Intuit (INTU), Microsoft (MSFT) and ServiceNow (NOW) all traded higher in early Wednesday trading.

Progress (PRGS) recently expanded its partnership agreement with Ingram Micro to extend the range of PRGS application experience products to Sweden, Finland, Denmark and Norway.

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