High interest rates and an uncertain global economy has forced companies to pare their spending on expensive technologies to protect their bottomline and maintain a strong cash balance.
PTC said it sees revenue between $2.27 billion and $2.36 billion for the year ending September 2024, compared to analysts’ consensus estimate of $2.36 billion, according to LSEG data.
It forecast annual run rate (ARR), which represents the annualized value of all active subscription software, of between $2.19 billion to $2.25 billion.
Boston, Massachusetts-based PTC has over 25,000 customers including Rockwell Automation (NYSE:ROK) and Indian motorcycle maker Eicher Motors’ Royal Enfield.
In the most-recent quarter ended Sept. 30, revenue grew 8% to $547 million, falling short of analysts’ expectation of $558 million, according to LSEG data.
ARR grew 26% to $1.98 billion, in line with expectations.
Excluding items, PTC earned $1.20 per share, compared with estimate of $1.14.
Source: Economy - investing.com
