Progress Software (NASDAQ:PRGS) Q2 earnings jump 37%, revenue dips

Progress Software Corporation (NASDAQ:PRGS) has released its financial outcomes for the fiscal second quarter ending May 31, 2024.

The company reported a slight decline in revenues, which totalled $175 million, marking a 2% decrease compared to the same period last year.

Despite the revenue drop, diluted earnings per share saw a significant increase, rising by 37% to $0.37, up from $0.27 in the previous year's quarter.

On a non-GAAP basis, diluted earnings per share climbed to $1.09, indicating a 3% year-over-year improvement.

Following the quarter's performance, the company has updated its guidance for the fiscal year ending November 30, 2024.

The company now expects full-year revenue to be between $725 million and $735 million, which is a slight increase from the previous guidance of $722 million to $732 million.