Progress Software Corp Reports 12% Drop in Net Income but Records Strong Revenue Growth of 16% in Q3 2023
The software company's Q3 financial report reveals a decline in net income, while revenue continues to soar.
By USInMinutes
Published - Sep 27, 2023, 11:43 AM ET
Last Updated - Sep 27, 2023, 11:43 AM EDT
Progress Software Corp (PRGS), a leading software solutions pr ovider, has released its unaudited condensed consolidated financial statements for the third quarter of 2023. The report shows a 12% decrease in net income compared to the same period last year. However, the company continues to experience substantial revenue growth, with a 16% increase in total revenue.
Net Income Declines by 12%
In the third quarter of 2023, Progress Software Corp reported a net income of $19.1 million. This figure represents a 12% decrease compared to the net income of $21.8 million reported during the same period in 2022. Despite the decline, the company remains profitable, albeit at a reduced level.
