By Grace Yoon
Progress Software reported higher second-quarter profit as revenue increased, helped by artificial intelligence-powered product offerings.
The technology company posted net income of $21.1 million, or 50 cents a share, compared with $17 million, or 39 cents a share, in the same quarter a year earlier.
Adjusted earnings were $1.62 a share. Analysts polled by FactSet expected $1.49 a share.
Revenue rose 7% to $253.5 million, topping analysts expectations for $242.7 million.
Chief Executive Yogesh Gupta said AI-powered offerings continued to drive momentum this quarter.
For the current fiscal year, Progress Software increased its revenue guidance to between $990 million and just above $1 billion from between $988 million and $1 billion. Outlook for adjusted earnings per share also increased to between $6.09 and $6.21 from between $5.91 and $6.03.
For the current quarter, Progress Software projected revenue between $244 million and $250 million and adjusted earnings per share between $1.53 and $1.59.
Analysts are expecting third-quarter revenue of $250 million and adjusted earnings of $1.45 a share.
Write to Grace Yoon at grace.yoon@wsj.com