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What: Shares of Progress Software (Nasdaq: PRGS) jumped today by as much as 16% after the company reported third quarter results.

So what: Revenue of $107.2 million fell short of the Street's target of over $112 million, but that shortfall was more than made up for by the bottom line beat. Adjusted earnings came out to be $0.31 per share, well ahead of the 0.24 per share profit that investors were hoping for.

Now what: Next quarter's guidance calls for revenue growth between negative 2% and positive 1% compared to last year on a constant currency basis. Operating margin should be between 25% and 30%. Progress Software continues to layoff some of its EMEA workforce in an effort to save costs. The company is looking to reduce expenses by $55 million, with some of these initiatives starting this quarter.

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