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Progress shares rise on earnings beat

Progress Software Corp. PRGS, -0.29% shares rose 7% within the prolonged consultation after the corporate beat profits expectations.The corporate reported first-quarter web income of $12.nine million, or 27 cents a share, compared with losses of $525,000, or 1 cent a share, within the year-ago period. Adjusted profits had been 54 cents a share. Revenue rose to $94.1 million from $91 million within the year-ago period. Analysts surveyed by means of FactSet had estimated adjusted profits of 47 cents a share on earnings of $92.three million. For the second one quarter, the corporate said it expects adjusted profits of 51 cents to 53 cents a share on sales of $93 million to $96 million; analysts style adjusted profits of 52 cents on sales of $94.five million. Progress shares fell a fraction to $38.48 within the common consultation. The stock has dropped 10% this yr, because the S&P 500 index SPX, -0.29% fell 2.6%.