Progress Software Corp (NASDAQ:PRGS) reported better-than-expected Q4 results. The company also announced an increase in buyback authorization from $75 million to $250 million.
The company out of Bedford, Mass., prides itself on being the leading provider of application development and digital experience technologies.
On a GAAP basis, revenue was $117.0 million during the quarter compared to $98.1 million in the same quarter last year, a year-over-year increase of 19% on an actual currency basis and 21% on a constant currency basis.
On a non-GAAP basis, revenue was $123.4 million during the quarter compared to $98.3 million in the same quarter last year, an increase of 26% on an actual currency basis and 27% on a constant currency basis.
On a GAAP basis, diluted loss per share during the quarter was $0.11 compared to diluted earnings per share of $0.19 in the same quarter last year, a decrease of 158%. On a non-GAAP basis, diluted earnings per share during the quarter were $0.79 compared to $0.54 in the same quarter last year, an increase of 46%.
CEO Yogesh Gupta said, "Our fourth-quarter performance was very strong, allowing us to exceed both our revenue and EPS guidance for fiscal 2019.
"Once again, in Q4 we had a better-than-expected contribution from Ipswitch, our recent acquisition, further validating our focus on accretive M&A as our go-forward strategy. We look forward to continued momentum in 2020, as we execute on a strategic plan that will drive sustainable, long-term value for all shareholders."
PRGS hurtled higher $2.96, or 6.2%, to $50.50 early Friday.
