Shares of Progress Software shares declined Friday, after the company reported revenue that fell short of estimates.
The business applications maker’s third-quarter adjusted earnings came in at 75 cents, higher than the year-ago quarter's 55 cents.
Non-GAAP revenue for the quarter increased +25% to $115.5 million, which is lower than the Street estimate of $111 million.
For the fourth quarter, Progress Software has predicted non-GAAP earnings of 73 cents to 75 cents a share on revenue of $116 million to $119 million a share. Analysts had forecasted revenue of $123.2 million.
For the full year, Progress Software is expecting non-GAAP earnings to range between $2.63 and $2.65 a share, and revenue to come in between $425 million and $428 million.
Chief financial officer Paul Jalbert mentioned that the company expects its $225 million acquisition of Ipswich (completed in May) to bring in substantially all of the $15 million of cost synergies by the end of 2019 - which would be well ahead of schedule, according to Jalbert.