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Progress Software Soars on First-Quarter Earnings and Revenue Beats

Rob Lenihan

soared 18.8% to $45.51 Friday after beating Wall Street's fiscal first-quarter earnings expectations. Revenue totaled $89.5 million, down from the year ago figure of $95.4 million, but beat Wall Street's forecast of $87.6 million. Separately, Progress said it agreed to acquire the network management company Ipswitch Inc. for $225 million in cash and increased its fiscal 2019 outlook to reflect the acquisition.