Pegasystems Inc. (PEGA) shares soared 14.79% on October 24, 2024, as the software company reported better-than-expected earnings for the third quarter and received positive industry recognition, bolstering investor confidence in its growth prospects.
For the quarter ended September 30, Pegasystems reported adjusted earnings of $0.39 per share, surpassing analysts' consensus estimate of $0.34 per share. Although revenue of $325.1 million slightly missed expectations of $327.7 million, investors overlooked the modest shortfall, focusing instead on the company's ability to surpass profit expectations amid an uncertain economic environment.
Pegasystems' strong performance was further boosted by Gartner Research recognizing the company as a Leader in the Magic Quadrant for Enterprise Low-Code Application Platforms (LCAPs). Gartner praised Pegasystems' Pega Infinity suite, which empowers organizations with AI-powered decisioning and workflow automation, along with a low-code environment for accelerated deployments and faster iterations.
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