Summary
- Progress Software reported yet another disappointing quarter that led shares to tumble ~5%.
- The company saw contracting revenue growth for the second quarter in a row, despite beating Wall Street's expectations.
- Making matters worse, Progress Software is forecasting an essentially flat year in FY19, falling far short of Wall Street's expectations.
- Progress Software is a company that has lost its momentum. Despite a seemingly attractive valuation, Progress Software is a value trap.
Embattled application development technology company Progress Software (PRGS) repeatedly turns up empty-handed in its earnings results. Progress Software just closed out its fiscal 2018 with another bleak Q4, continuing a recent trend of weakness that began in Q3 (when the stock suffered its biggest one-day plunge of ~20%). For the second quarter in a row, Progress Software saw its revenues decline year over year.
PRGS data by YCharts
