Progress Software Corporation recently released its 10-Q report, providing a detailed insight into its financial performance and business operations. The company, headquartered in Burlington, Massachusetts, specializes in developing, deploying, and managing business applications globally. Its product offerings include OpenEdge, Chef, Developer Tools, Kemp LoadMaster, Sitefinity, MOVEit, DataDirect, WhatsUp Gold, Flowmon, Corticon, MarkLogic, and Semaphore. Additionally, the company provides various services such as project management, implementation, custom software development, programming, web-enable applications, and training services.
The 10-Q report provides a comprehensive overview of the company's financial condition and results of operations. Progress Software reported a 2% increase in revenue for the third quarter of fiscal year 2024, reaching $178.7 million, compared to $175 million in the same period last year. The first nine months of fiscal year 2024 saw a 4% increase in revenue, totaling $538.4 million, compared to $517.5 million in the same period last year. The growth was attributed to increased revenue from the MarkLogic acquisition, offset by a decrease in the DataDirect product offering due to the timing of renewals on multiyear subscription contracts.
Software license revenue experienced a 14% increase in the third quarter of fiscal year 2024, reaching $57.9 million, compared to $50.5 million in the same period last year. Similarly, the first nine months of fiscal year 2024 saw a 7% increase in software license revenue, totaling $175.9 million, compared to $164.5 million in the same period last year.
On the other hand, maintenance and services revenue slightly decreased by 3% in the third quarter of fiscal year 2024, reaching $120.8 million, compared to $124.4 million in the same period last year. However, the first nine months of fiscal year 2024 saw a 3% increase in maintenance and services revenue, totaling $362.5 million, compared to $353 million in the same period last year, primarily due to the acquisition of MarkLogic.
Geographically, North America accounted for 58% of the total revenue in the first nine months of fiscal year 2024, with a 3% increase compared to the same period last year. Revenue generated in markets outside North America represented 42% of total revenue in the first nine months of fiscal year 2024, showing an increase from 41% in the same period last year.
The company's gross profit increased by 5% in the third quarter of fiscal year 2024, reaching $149.6 million, compared to $142.1 million in the same period last year. Similarly, the first nine months of fiscal year 2024 saw a 5% increase in gross profit, totaling $444.5 million, compared to $424.6 million in the same period last year.
As a result of these announcements, the company's shares have moved 0.8% on the market, and are now trading at a price of $66.55. For more information, read the company's full 10-Q submission here.
