Progress Software Corp (DE) - PRGS STOCK NEWS

Progress (Nasdaq: PRGS) reported strong financial results for Q3 2022, with revenue of $151.2 million, a 3% increase year-over-year. Annualized Recurring Revenue reached $495 million, up 13%. Despite this growth, diluted EPS fell to $0.50, a 29% decrease from last year. The company maintained solid cash flow, with $39.7 million from operations and a quarterly dividend of $0.175 declared. For FY 2022, Progress updated guidance to $601-$609 million in revenue and $2.12-$2.20 in diluted EPS, reflecting the impact of foreign exchange headwinds.

Progress (Nasdaq: PRGS) has appointed YuFan Stephanie Wang as the new Executive Vice President, Chief Legal Officer, and Secretary. Stephanie will oversee legal, compliance, and corporate governance efforts. Having joined Progress in May 2022, she previously held a senior legal role at W. P. Carey Inc. and has made significant contributions to Progress's corporate governance and M&A strategies. CEO Yogesh Gupta expressed confidence in her capabilities to drive future growth and stability for the company.

Progress (Nasdaq: PRGS) has announced the expansion of its Chef DevSecOps portfolio to India, enhancing Microsoft Azure customers' access to automation tools for secure cloud migration. This initiative supports the trend of increased cloud adoption, with nearly 70% of companies accelerating their migration over the past year. Progress emphasizes the importance of integrating security in the development process to reduce risks during cloud transitions. The collaboration with Microsoft aims to provide comprehensive solutions for application development, infrastructure management, and continuous compliance.

Progress (Nasdaq: PRGS) has announced the R3 2022 release of its developer tools portfolio, enhancing offerings like Telerik and Kendo UI. New features include the Progress ThemeBuilder Pro, which simplifies the implementation of design systems for web applications. The release adds new components across various frameworks such as Angular, Blazor, and .NET MAUI, boosting the total to 100 for Blazor alone. These updates focus on improving user experience and developer productivity, aligning with the growing demand for high-quality, accessible UI development.

Progress (Nasdaq: PRGS) announced it will release its fiscal third quarter financial results on September 27, 2022, after market close. The quarter ended on August 31, 2022. Following the release, the company will conduct a conference call at 5:00 p.m. ET to discuss the results. Interested parties can access the call via Progress' investor relations website or by phone. The archived call and supporting materials will also be available on the same site.

On September 12, 2022, Progress (Nasdaq: PRGS) announced the winners of the 2022 Chef Partner Awards during ChefConf 2022, acknowledging partners who excelled in delivering client outcomes through the Progress Chef portfolio. The awards recognize three key categories: Emerging Partner of the Year won by Bluechip, Technology Partner of the Year awarded to tecRacer, and Public Sector Partner of the Year earned by TapHere! These partners have demonstrated exceptional commitment to customer success and innovation in DevSecOps solutions.

Progress (Nasdaq: PRGS) announced that Nanyang Technological University Singapore (NTU Singapore) has transformed its digital brand presence by utilizing the Progress Sitefinity DX platform. This initiative centralizes management of over 150 subsites, ensuring consistent branding and improved user experience. The project involved 100 departments and 400 users, resulting in a 11% decrease in bounce rates and an 18.5% rise in organic searches. Approximately 82% of users rated the new site as an improvement. NTU's efforts were recognized with the 2022 Progress Sitefinity Website of the Year Award.

Progress (Nasdaq: PRGS) announced the speaker lineup for Progress360, taking place from September 11-14, 2022, in Boston. This hybrid event aims to empower professionals in development, DevOps, IT, and information security. Key features include over 40 technical sessions and notable speakers from top companies like Amazon, Google, and H&R Block. The event combines elements of DevReach, ChefConf, and the Executive Forum, focusing on the latest trends and challenges in technology.

Progress has achieved certification for its Kemp LoadMaster load balancer from the U.S. Department of Defense (DoD). This places the LoadMaster on the DoDIN APL, ensuring its deployment is secure and reliable within the DoD's technology infrastructure. The DoD's stringent testing criteria are increasingly being recognized by federal agencies, indicating a growing trust in the product. Jason Dover, VP of Product Strategy, emphasized Progress's commitment to enhancing federal IT systems, which is vital for delivering scalable applications in government organizations.