Progress Software Corp.’s profit declined in the third quarter from a year earlier as costs and operating expenses increased.
The Burlington, Mass.-based infrastructure software maker reported net income of $21.8 million, compared with $30.0 million in the same period a year earlier. Earnings per share reached 50 cents from 70 cents. Revenue increased to $151.2 million from $147.4 million.
The profit figure undershot market expectations while sales outperformed. The consensus compiled by FactSet was for revenue of $148.1 million and net income of $28.3 million.
Progress’s total costs of revenue increased to $23.4 million from $20.1 million, while total operating expenses jumped to $95.4 million from $81.3 million.