Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

PTC sees quarterly revenue, profit below estimates in a tough economy

Published 31/01/2024, 22:21
© Reuters. A worker cleans inside Royal Enfield's flagship shore in Bangkok, Thailand, February 24, 2016. REUTERS/Athit Perawongmetha/File Photo

(Reuters) - Industrial software maker PTC (NASDAQ:PTC) forecast second-quarter revenue and profit below estimates on Wednesday, as elevated interest rates forced businesses to dial back software budgets.

PTC, which counts companies such as Volkswagen (ETR:VOWG_p) and Indian motorcycle maker Eicher Motors' Royal Enfield as clients, makes software that helps firms design, build and manage products throughout their life cycles.

The Boston-based company's stock fell about 3% in extended trading.

The company expects revenue to be between $560 million and $590 million in the second quarter, the midpoint of which is below analysts' average estimate of $582.4 million, according to LSEG data.

PTC, which makes computer-aided design software, projected adjusted earnings per share of $1.10 to $1.30 for the quarter ending March, compared with analysts' estimate of $1.26.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.