Progress Software Corp (NASDAQ:PRGS) shares rose sharply after the company reported better-than-expected Q2 results and issued strong earnings guidance.
The company, based in Bedford, Mass., on a GAAP basis, revenue was $100.0 million during the quarter compared to $92.9 million in the same quarter last year, a year-over-year increase of 8% on an actual currency basis, and 10% on a constant currency basis.
On a non-GAAP basis, revenue was $103.5 million during the quarter compared to $93.0 million in the same quarter last year, an increase of 11% on an actual currency basis and 14% on a constant currency basis.
On a GAAP basis, diluted earnings per share during the quarter were $0.18 compared to $0.28 in the same quarter last year, a decrease of 36%. On a non-GAAP basis, diluted earnings per share during the quarter were $0.65 compared to $0.55 in the same quarter last year, an increase of 18%.
CEO Yogesh Cupta said, "We exceeded both our revenue and EPS guidance for Q2, and also completed the acquisition of Ipswitch during the quarter.
"I'm very pleased with the integration so far, and we are focused on achieving our targeted shareholder returns for this acquisition even earlier than we had anticipated. Our businesses are performing well, and we are on track to achieve our financial goals for 2019, including our increased guidance for margin and earnings per share."
PRGS shares popped $5.74, or 14.1%, to $46.37, to begin the last session of June.
