(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.