Progress Software Corporation (PRGS) exceeded Q1 earnings, raised guidance, focusing on AI innovation

From Yahoo Finance: 2025-04-07 13:58:00

China is vying for AI innovation dominance against the US by open-sourcing AI models. DeepSeek’s cost-effective models challenge American tech giants. Chinese companies are focusing on efficient AI solutions and open-source strategies to capitalize on the $223.35 billion AI software market by 2028. China aims to dominate global digital infrastructure.

Progress Software Corporation (PRGS) surged 8% after exceeding Q1 earnings expectations. Revenue rose by 29% to $238 million, with EPS at $1.31, surpassing analyst estimates. Annualized recurring revenue increased by 48%, leading to a raised full-year EPS guidance of $5.25 to $5.37. PRGS ranks 10th in AI news updates on Wall Street’s radar.

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Read more at Yahoo Finance: Progress Software Corporation (PRGS) Surges After AI-Driven Q1 Earnings Beat and Raised Guidance