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Technology Forever

Development Fades on Q4 Success

The MarketWatch News Department was not associated in the creation of this content.

Jan 15, 2021 (Baystreet.ca via COMTEX) —
Development Software Corp (NASDAQ:PRGS) described greater-than-expected results for its fourth quarter, but issued weak forecast for the latest quarter.

The Bedford, Mass.-based mostly Development, the primary provider of items to develop, deploy and manage substantial-effects organization programs, currently declared Q4 profits of $122.4 million amplified 5% calendar year-in excess of-yr on an precise currency basis, and 4% on a continual forex foundation.

Non-GAAP income of $129.1 million amplified 5% on an actual currency foundation, and 4% continual forex foundation. Working margin was 15% and Non-GAAP functioning margin was 37%.

Diluted earnings for every share was $.39 when compared to diluted loss for each share of $.11 in the identical quarter past yr.

On Oct 5, 2020, the company finished the acquisition of Chef Software package, a international leader in the developing DevOps and DevSecOps markets.

“I am thrilled with our success equally for the fourth quarter and the full yr 2020 and believe they replicate the sturdiness of our small business and our good results in executing our overall progress technique,” mentioned Yogesh Gupta, CEO at Progress.

“Chef extends our long-standing leadership posture in the developer ecosystem, we are very delighted with the customer response and the rapid rate of the integration. The investments we have manufactured to bolster our M&A capabilities, mixed with the large, fragmented and growing DevOps marketplace chance, place us properly to execute on our full advancement strategy for years to appear, enabling us to deliver sustained shareholder worth.”

PRGS shares tumbled $3.68, or 7.5%, to $45.13.

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