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Progress Software Corp (NASDAQ: PRGS) shares are rising in extended trading on Monday after the company reported better-than-expected financial results for the third quarter.
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Revenue for the third quarter was up 40% on a year-over-year basis as annual recurring revenue increased 47$% year-over-year to $849 million.
“Our third quarter performance was truly exceptional. Net retention remains strong at 100%, while ARR continues to grow steadily. [The] third quarter was very solid in terms of revenue, earnings, cash flow and execution,” said Yogesh Gupta, CEO of Progress Software.
Progress Software ended the quarter with $99 million in cash and cash equivalents. The company said it increased its buyback authorization by $200 million on Sept. 23, bringing its total authorization up to $242.2 million.
Progress guided for fourth-quarter revenue of $250 million to $256 million versus estimates of $251.76 million. The company expects fourth-quarter adjusted earnings to be between $1.29 and $1.35 per share versus estimates of $1.32 per share.
Progress Software raised its full-year 2025 revenue guidance to a range of $975 million to $981 million versus estimates of $967.24 million. The company also raised its full-year adjusted earnings outlook to a range of $5.50 to $5.56 per share versus estimates of $5.33 per share.
Progress Software executives will further discuss the quarter on an earnings call at 5 p.m. ET.
PRGS Price Action: Progress Software shares were up 4.55% in after-hours, trading at $44.55 at the time of publication on Monday, per Benzinga Pro.
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