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What: Shares of Pegasystems (Nasdaq: PEGA) are spreading their wings and flying today, up by as much as 31% after the company reported earnings last night.

So what: Revenue in the fourth quarter totaled $115.3 million, which led to earnings per share of $0.16. Both figures easily trampled the market's expectations of less than $105 million in sales and a nickel per share in profits.

Now what: Guidance for next year was a little mixed. The $500 million revenue forecast came in better than expected, but the $0.91 per share expected profit was a little shy of estimates. CEO Alan Trefler noted that the company scored some significant customer wins in the quarter, including one of the largest global wireless carriers and a leading domestic cable TV provider, among others. The company is bullish on its 2012 prospects as it grows its product portfolio and starts the year off with a strong pipeline

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