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Progress Software shares fall after revenue miss

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Progress Software shares plunged sharply Tuesday a day after the business software maker missed revenue estimates.

The Massachusetts-based company posted earnings per share of 62 cents on revenue of $118 million on Monday. Analysts polled by Thomson Reuters expected the company to post earnings of 56 cents a share on sales of $124 million.

Additionally, the company announced it intends to reduce its workforce by approximately 450 employees, totaling over 20 percent of its headcount.

Progress Software also announced the departure of its Chief Operating Officer Jerry Rulli at the end of the first fiscal quarter of 2017.

"I am pleased with our earnings per share and adjusted free cash flow performance during the quarter despite revenue falling short of our goals," Chief Executive Officer Yogesh Gupta said in a release. "Initiatives undertaken during the quarter to manage our expenses allowed us to reach this outcome. I am excited by the opportunities we have in front of us, and look forward to what we can accomplish in 2017 and beyond."

Shares of the company shed 14 percent Tuesday. The stock has fallen nearly 12 percent in the past month.

Progress Software shares 5-day performance