Progress Software stock surged nearly 18% on Wednesday after the company reported fiscal second-quarter results that beat Wall Street expectations and raised its full-year guidance. Adjusted earnings came in at $1.62 per share on revenue of $253.5 million, topping analyst estimates of $1.49 per share and $242.74 million. Revenue rose 6.7% year over year, while net income jumped 24%, driven by strong demand across its product portfolio including AI-powered offerings. The company now expects full-year revenue between $990 million and $1.02 billion, up from its prior range of $988 million to $1 billion, and adjusted earnings per share between $6.09 and $6.21, an increase of $0.18 at the midpoint. Progress also raised its adjusted free cash flow guidance to between $271 million and $283 million and unlevered free cash flow to between $323 million and $334 million.
Progress Software Corporationbeat Q2 estimates and raised full-year guidance
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