Progress Software Corp (NASDAQ:PRGS) reported better-than-expected results for its fourth quarter, but issued weak forecast for the current quarter.
The Bedford, Mass.-based Progress, the leading provider of products to develop, deploy and manage high-impact business applications, today announced Q4 revenue of $122.4 million increased 5% year-over-year on an actual currency basis, and 4% on a constant currency basis.
Non-GAAP revenue of $129.1 million increased 5% on an actual currency basis, and 4% constant currency basis. Operating margin was 15% and Non-GAAP operating margin was 37%.
Diluted earnings per share was $0.39 compared to diluted loss per share of $0.11 in the same quarter last year.
On October 5, 2020, the company completed the acquisition of Chef Software, a global leader in the growing DevOps and DevSecOps markets.
"I am thrilled with our results both for the fourth quarter and the full year 2020 and believe they reflect the durability of our business and our success in executing our total growth strategy,” said Yogesh Gupta, CEO at Progress.
"Chef extends our long-standing leadership position in the developer ecosystem, we are very pleased with the customer response and the rapid pace of the integration. The investments we’ve made to bolster our M&A capabilities, combined with the large, fragmented and growing DevOps market opportunity, position us well to execute on our total growth strategy for years to come, enabling us to deliver sustained shareholder value."
PRGS shares tumbled $3.68, or 7.5%, to $45.13.
