Progress Software to cut more than 200 jobs
Progress Software Corp. said yesterday that it will cut its global work force by 12 to 14 percent. According to John Stewart, a Progress Software spokesperson, the cuts will affect 220 to 260 positions across its global workforce.
The company, which is based in Bedford, Mass., and makes infrastructure software for businesses, expects to complete the cuts by the end of February.
Progress Software has 1,800 employees worldwide and 550 employees in the New England area. In a release, the company said it expects to achieve or exceed the fourth quarter revenue and earnings per share guidance it issued in September; further details on the company's restructuring will be provided in the company's fourth quarter earnings report on December 22.
Progress Software shares closed yesterday up 0.66 percent to $24.50.