PTC lifts annual revenue forecast on steady software demand

May 6 - PTC ‌Inc on ​Wednesday ​raised its full-year revenue forecast, citing continued demand from manufacturers using its software ‌to digitize their design and production processes.

Shares ⁠of the Boston-based company rose nearly 4% in extended ‌trading.

PTC has benefited as ‌manufacturing and industrial clients continue to invest in digital transformation tools to improve efficiency, reduce ​costs and speed up time-to-market.

• "Customer interest in AI is growing, and our discussions reinforce how ⁠AI is driving momentum in PTC's business," CEO Neil Barua said ​in a statement.

• PTC provides software that helps companies design, manufacture, operate and ​service physical products. Its "digital thread" ‌strategy aims to create a seamless flow of information from the initial ⁠design concept through to a product's real-world operation and maintenance.

• PTC now expects annual revenue of $2.58 billion ⁠to $2.82 billion, up from its earlier forecast of $2.54 billion to $2.81 ​billion.

• It projects revenue in the range of $580 million to $640 million for the third quarter, while analysts expect $623.2 ‌million.

• The company posted revenue of $774 million for the second quarter ended ‌March 31, beating analysts' estimate of $715.4 million.

• Adjusted ⁠earnings came in at $2.69 ‌per share, also ​ahead of estimates of $2.11.

(Reporting by Juby Babu in Mexico City; Editing by Tasim ‌Zahid)

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