Progress Software Continues To Post Steep Loss In Afternoon Trading

(RTTNews) - Shares of Progress Software (PRGS) continue to see substantial weakness in afternoon trading on Tuesday after falling sharply early in the session. Progress is currently down by 15.5 percent after hitting a nearly two-month intraday low.

The steep drop by Progress comes after the company reported that its fourth quarter net loss widened to $1.52 per share from $0.19 per share last year, reflecting an impairment charge. The company reported adjusted earnings of $0.62 per share.

Progress also said its Chief Operating Officer Jerry Rulli will be leaving at the end of the fiscal first quarter of 2017. The company also intends to reduce its headcount by approximately 450 employees, totaling over 20 percent of its workforce.