Progress Software Corporation’s (NASDAQ:PRGS) stock tumbled to almost 12% on Friday after the corporation pre-announced Q2 results failed to meet forecasts by a broad margin.
The database management software maker reported that its restructuring programs had created doubt among its customers and associates.
Progress Software, which has been lowering jobs and selling of assets to save costs, in April reported that it would sell 10 non-core product lines and lower almost 10-15% of its labor force.
Progress reported that it anticipates earnings of 17 cents to 19 cents a share in the second-quarter, without special items, on revenue in the range of $110 million to $115 million.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Oracle Corporation (NASDAQ:ORCL) fell -0.07% to settle at $27.16, Tibco Software Inc. (NASDAQ:TIBX) moved up +0.64% to end at $26.84 while International Business Machines Corp. (NYSE:IBM) jumped +0.36% to finish on Friday at $195.14.
Progress Software Corporation (NASDAQ:PRGS) last session volume of 2.08 million shares was higher than its average volume of 403,366.00 shares. The stock after opening at $18.01 hit high price of $18.42 and then closed at $18.02 by scoring -11.19%.
PRGS generated revenue of 142.36 billion in the following twelve months and earned $38.62 billion. The Company showed a positive +27.13% in the net profit margin and as well as in its operating margin which remained +35.69%. Company’s annual sales growth for the past five years was +41.16%.
The PRGS past twelve months price to sales ratio was 3.81 and price to cash ratio remained 19.01. As far as the returns are concern, the PRGS return on equity was recorded as +47.10% and increased +40.76% return on investment while its return on asset stayed at +31.42%.
The stock showed weekly upbeat performance of +3.45% which was maintained for the month at +1.96%. Likewise the positive performance for the quarter was recorded as +6.45% and for the year was +75.06% while the YTD performance remained at +43.29%.
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