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The Boston Globe

Business

Mass. Movers

Progress Software Corp. stumbles on outlook

A Progress product for Foxwoods aims to target patrons’ nongaming preferences.

Janet Knott/Globe staff/File

A Progress product for Foxwoods aims to target patrons’ nongaming preferences.

Progress Software Corp. cut estimates for the first quarter, as the business software provider said it was hurt by lower license sales. CEO Philip Pead said Progress was “disappointed with our execution in the first quarter.” He said results were hurt by the timing of deal closures, shifting the business out of the latest quarter. Progress now expects adjusted profit of between 27 cents and 28 cents on revenue of $74 million to $75 million, below January targets of 29 cents to 31 cents on $80 million to $82 million. It expects to release results on March 27.

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