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

Core Insights - Progress Software (PRGS) reported revenue of $175.08 million for the quarter ended May 2024, reflecting a year-over-year decline of 2.3% [1] - The earnings per share (EPS) for the same period was $1.09, compared to $1.06 a year ago, indicating a positive growth in EPS [1] - The reported revenue exceeded the Zacks Consensus Estimate of $168.6 million by 3.85%, while the EPS surprise was 14.74% against the consensus estimate of $0.95 [1] Revenue Breakdown - Revenue from Services was $18.60 million, surpassing the average estimate of $16.66 million based on three analysts [3] - Revenue from Maintenance reached $102.50 million, exceeding the average estimate of $98.91 million based on three analysts [3] - Combined Revenue from Maintenance and Services was $121.10 million, compared to the three-analyst average estimate of $115.57 million, showing a year-over-year change of -0.6% [3] - Revenue from Software Licenses was $53.98 million, above the average estimate of $52.42 million based on three analysts, but represented a year-over-year decline of 4.3% [3] Stock Performance - Over the past month, shares of Progress Software have returned -2.6%, contrasting with the Zacks S&P 500 composite's increase of +2.8% [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]