Progress Software Shares Fall After Revenue Outlook Cut

Progress Software Corp. shares fell in the extended session Thursday after the business software company cut its revenue forecast. Progress Software shares dropped 13% to $22.29. The company said it expects adjusted full-year revenue of $410 million to $415 million, down from a previously estimated range of $415 million to $425 million. Analysts surveyed by FactSet expect full-year revenue of $420.7 million. Progress reported adjusted third-quarter earnings of 39 cents a share on adjusted revenue of $100.7 million. Analysts had forecast earnings of 37 cents a share on revenue of $103 million.