Progress Software (PRGS) stock is higher Friday after the company announced first-quarter results with an 11% increase in revenue of $121.3 million.Shares of the stock are trading higher at 4.55% to $43.70 Friday at 11:50 am.
What Caused PRGS to Rise?
PRGS' revenue was $432 million an increase of 22% year-over-year primarily driven by the acquisition of Chef Software. Adjusted EPS was higher than the estimate for the quarter at $0.95 compared to the $0.75 estimate and $0.76 in the year-ago period. The operating margin for PRGS was 23% and Non-GAAP operating margin was 43%. GAAP earnings per share was $0.42 compared to $0.46 for the same quarter last year which was a decrease of 9%.
Anthony Folger, CFO, said in a press release, “Progress delivered strong financial results across the board in the first quarter, which has given us even greater confidence in our prospects for 2021. The integration of Chef is tracking ahead of plan and Chef’s first full quarter with Progress contributed better than expected performance and helped continue the trend of an increasing mix of revenue being derived from recurring sources.”
Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 166 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2020 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan. For more information, visit Vuzix website, Twitter and Facebook pages.