DETROIT ? Business software giant Compuware posted higher quarterly profits than Wall Street expected Thursday as lower operating expenses helped offset declining revenue.
The company said its fiscal first-quarter profit rose to $29.3 million, or 8 cents per share, from $24.6 million, or 6 cents per share, a year earlier. Revenue fell to $296.3 million from $297.3 million as the Detroit-based company posted declines in software license and professional services fees.
According to Reuters Estimates, analysts had on average expected the company to earn 7 cents a share, excluding exceptional items but including stock-based compensation, for the latest first quarter.
The company helped boost its profit through spending cuts, including a reduction in sales and marketing spending to $65.8 million from $72.0 million. Maintenance fees rose to $110.3 million from $107.4 million.
“The company continues to expect its performance to accelerate significantly in the second half of the fiscal year, as its recent organizational changes take greater effect,” said CEO Peter Karmanos, Jr.
