PTC sees quarterly revenue, profit below estimates in a tough economy

PTC

31/01/2024 22:18

Jan 31 (Reuters) - Industrial software maker PTC  PTC.O 
forecast second-quarter revenue and profit below estimates on
Wednesday, as elevated interest rates forced businesses to dial
back software budgets.
    PTC, which counts companies such as Volkswagen  VOWG_p.DE 
and Indian motorcycle maker Eicher Motors'  EICH.NS  Royal
Enfield as clients, makes software that helps firms design,
build and manage products throughout their life cycles.
    The Boston-based company's stock fell about 3% in extended
trading.
    The company expects revenue to be between $560 million and
$590 million in the second quarter, the midpoint of which is
below analysts' average estimate of $582.4 million, according to
LSEG data.
    PTC, which makes computer-aided design software, projected
adjusted earnings per share of $1.10 to $1.30 for the quarter
ending March, compared with analysts' estimate of $1.26.

 (Reporting by Akash Sriram in Bengaluru; Editing by Shilpi
Majumdar)
 ((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti;
+91-74116-87774;))