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Progress Software slides on third-quarter revenue decline

By Reuters News08:50 (UTC), 1 October 2026 Updated

** Shares of AI-powered software firm Progress Software PRGS.O down 1.7% at $39.30 premarket

** Company posts third-quarter revenue of $246 million, a 1.6% decline from $249.8 million a year ago

** Revenue hurt by declines in SaaS and professional-services businesses

** Company, however, raises FY26 revenue and adj.EPS outlook to $1.044 billion-$1.052 billion and adj.EPS to $6.15-$6.23, respectively

** Average rating of 6 analysts is "strong buy;" their median PT is $53 - data compiled by LSEG

** Up to last close, stock has fallen 6.9% YTD

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