Progress Software Shares Plunged: What You Need to Know
What: Shares of Progress Software (NAS: PRGS) fell more than 10% in early trading after cutting guidance for the current quarter.
So what: Progress, which reports fiscal third-quarter results on Sept. 27, now expects $0.27 to $0.29 in adjusted earnings on $128 million in revenue. June estimates called for $0.34 to $0.36 a share in profit on $133 million to $136 million in revenue, the Associated Press reports.
Now what: Wall Street was even more optimistic, calling for $0.36 a share on $134.8 million in revenue. Does the cut scare you? Or do you believe Progress' 12.5 forward P/E represents a buying opportunity? Please weigh in using the comments box below.
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