Pegasystems (PEGA) Misses Q2 EPS by 5c

Pegasystems (NASDAQ: PEGA) reported Q2 EPS of ($0.28), $0.05 worse than the analyst estimate of ($0.23). Revenue for the quarter came in at $227.38 million versus the consensus estimate of $225.71 million.

"I'm pleased with our results through the first half of the year as we continue to demonstrate resiliency in our business throughout this global pandemic," said Alan Trefler, founder and CEO, Pegasystems. "Clients and prospects continue to see value in our solutions, both for their short-term crisis related needs and their longer-term digital transformation goals, and we remain confident in our long-term opportunity."

"Our subscription revenue grew 38 percent year over year in the first half of 2020, which reflects the impact of passing the midpoint of our cloud transition," said Ken Stillwell, CFO, Pegasystems. "This impressive result demonstrates the power of growing ACV by more than 20 percent quarter in and quarter out. With over $500 million of cash on the balance sheet and a notable portfolio of enterprise clients, Pega is in a strong position to capture an even greater share of the more than $50 billion market for digital transformation solutions."

For earnings history and earnings-related data on Pegasystems (PEGA) click here.

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