PTC forecasts quarterly revenue below estimates as economic uncertainty bites
Summary
Industrial software maker PTC forecast fourth-quarter revenue below estimates on Wednesday, as economic uncertainty forces companies to cut back on spending to bolster their bottom lines. Companies in the United States have been tightening their budgets as the Federal Reserve’s aggressive interest rate hikes increase the cost of borrowing. PTC completed the acquisition of cloud-based software provider ServiceMax for $1.46 billion earlier this year, as it looks to expand its portfolio of product-lifecycle management offerings. PTC also announced that Neil Barua, president of its Service Lifecycle Management business, will succeed James Heppelmann as CEO when the latter, a company veteran of 26 years, retires next February. Analysts expected the firm to report quarterly revenue of $523.7 billion, according to Refinitiv IBES data.
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