Progress Software Releases 10-Q Report

By Bobby Samwell • Tuesday, July 09 07:54 • Permanent Link

Progress Software Corporation has recently released its 10-Q report, providing a detailed look at its financial performance. The company develops, deploys, and manages business applications globally, offering a range of software products including OpenEdge, Chef, Developer Tools, Kemp LoadMaster, Sitefinity, MOVEit, DataDirect, WhatsUp Gold, Flowmon, Corticon, MarkLogic, and Semaphore. Additionally, Progress Software provides project management, implementation, custom software development, programming, and training services. The company was founded in 1981 and is headquartered in Burlington, Massachusetts.

In the 10-Q report, Progress Software discusses its financial condition and results of operations, highlighting that total revenue was relatively flat across all product offerings in the second quarter of fiscal year 2024 compared to the same period last year. However, total revenue increased in the first six months of fiscal year 2024 due to the inclusion of activity from the acquisition of MarkLogic. The report also outlines revenue by region, with North America representing 58% of total revenue in the first six months of fiscal year 2024.

The report provides a breakdown of revenue sources, revealing that software license revenue remained relatively flat across all product offerings in the second quarter and first six months of fiscal year 2024. Maintenance and services revenue also remained relatively flat in the second quarter of fiscal year 2024 but increased in the first six months, primarily due to the MarkLogic acquisition.

Costs of revenue, including software licenses, maintenance, and services, are detailed, with the report noting changes in personnel-related costs, contractors and outside services costs, and other related expenses. Additionally, the report discusses general and administrative expenses, product development costs, and cyber incident and vulnerability response expenses.

Following these announcements, the company's shares moved -1.3%, and are now trading at a price of $54.36. Check out the company's full 10-Q submission here.

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