Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.33 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$483.9m (up 5.9% from 1Q 2025). Net income: NT$51.6m (up 5.2% from 1Q 2025). Profit margin: 11% (in line with 1Q 2025). Upcoming Dividend • Mar 22
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 27 April 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.4%). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$7.41 (vs NT$5.84 in FY 2024) Full year 2025 results: EPS: NT$7.41 (up from NT$5.84 in FY 2024). Revenue: NT$2.02b (up 16% from FY 2024). Net income: NT$274.3m (up 27% from FY 2024). Profit margin: 14% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 08
Dividend of NT$4.50 announced Shareholders will receive a dividend of NT$4.50. Ex-date: 27th March 2026 Payment date: 27th April 2026 Dividend yield will be 3.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 18% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to NT$121. The fair value is estimated to be NT$152, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 14%. Board Change • Feb 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buy Or Sell Opportunity • Jan 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to NT$121. The fair value is estimated to be NT$152, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 14%. Buy Or Sell Opportunity • Dec 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$122. The fair value is estimated to be NT$152, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$1.57 (vs NT$1.63 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.57 (down from NT$1.63 in 3Q 2024). Revenue: NT$493.5m (up 10% from 3Q 2024). Net income: NT$58.1m (down 3.6% from 3Q 2024). Profit margin: 12% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Software industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Nov 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$124. The fair value is estimated to be NT$156, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 14%. New Risk • Sep 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 8x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$2.25 (vs NT$1.65 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.25 (up from NT$1.65 in 2Q 2024). Revenue: NT$488.7m (up 19% from 2Q 2024). Net income: NT$79.2m (up 38% from 2Q 2024). Profit margin: 16% (up from 14% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Software industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 31
Now 21% overvalued Over the last 90 days, the stock has fallen 23% to NT$144. The fair value is estimated to be NT$119, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 12%. Buy Or Sell Opportunity • Jun 24
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 3.8% to NT$151. The fair value is estimated to be NT$121, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.39 (vs NT$0.76 in 1Q 2024) First quarter 2025 results: EPS: NT$1.39 (up from NT$0.76 in 1Q 2024). Revenue: NT$457.0m (up 22% from 1Q 2024). Net income: NT$49.0m (up 84% from 1Q 2024). Profit margin: 11% (up from 7.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Software industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$183, the stock trades at a trailing P/E ratio of 29.9x. Average forward P/E is 29x in the Software industry in Taiwan. Total returns to shareholders of 352% over the past three years. Buy Or Sell Opportunity • Apr 28
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 42% to NT$179. The fair value is estimated to be NT$140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. Buy Or Sell Opportunity • Apr 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to NT$112. The fair value is estimated to be NT$142, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. Upcoming Dividend • Mar 21
Upcoming dividend of NT$3.70 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 02 May 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (4.6%). In line with average of industry peers (2.1%). Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$6.14 (vs NT$5.68 in FY 2023) Full year 2024 results: EPS: NT$6.14 (up from NT$5.68 in FY 2023). Revenue: NT$1.74b (up 9.2% from FY 2023). Net income: NT$216.0m (up 8.6% from FY 2023). Profit margin: 12% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Mar 06
Galaxy Software Services Corporation announces Annual dividend, payable on May 02, 2025 Galaxy Software Services Corporation announced Annual dividend of TWD 3.7000 per share payable on May 02, 2025, ex-date on March 27, 2025 and record date on March 30, 2025. Anuncio • Mar 05
Galaxy Software Services Corporation, Annual General Meeting, May 29, 2025 Galaxy Software Services Corporation, Annual General Meeting, May 29, 2025. Location: b1 floor no,9, to hui st., jhongshan district, taipei city Taiwan New Risk • Feb 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$145, the stock trades at a trailing P/E ratio of 23.7x. Average forward P/E is 31x in the Software industry in Taiwan. Total returns to shareholders of 250% over the past three years. New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$145, the stock trades at a trailing P/E ratio of 23.7x. Average forward P/E is 33x in the Software industry in Taiwan. Total returns to shareholders of 219% over the past three years. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: NT$1.71 (vs NT$1.30 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.71 (up from NT$1.30 in 3Q 2023). Revenue: NT$447.2m (up 14% from 3Q 2023). Net income: NT$60.3m (up 32% from 3Q 2023). Profit margin: 14% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Software industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.78 (vs NT$1.36 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.78 (up from NT$1.36 in 2Q 2023). Revenue: NT$410.1m (up 6.8% from 2Q 2023). Net income: NT$57.6m (up 31% from 2Q 2023). Profit margin: 14% (up from 12% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Software industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.19b (US$97.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$3.19b market cap, or US$97.9m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.82 (vs NT$1.14 in 1Q 2023) First quarter 2024 results: EPS: NT$0.82 (down from NT$1.14 in 1Q 2023). Revenue: NT$375.8m (up 5.7% from 1Q 2023). Net income: NT$26.6m (down 28% from 1Q 2023). Profit margin: 7.1% (down from 10% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 May 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.7%). In line with average of industry peers (2.4%). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$6.14 (vs NT$5.32 in FY 2022) Full year 2023 results: EPS: NT$6.14 (up from NT$5.32 in FY 2022). Revenue: NT$1.59b (up 11% from FY 2022). Net income: NT$198.8m (up 15% from FY 2022). Profit margin: 13% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Mar 16
Galaxy Software Services Corporation, Annual General Meeting, May 30, 2024 Galaxy Software Services Corporation, Annual General Meeting, May 30, 2024. New Risk • Nov 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$133, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 23x in the Software industry in Taiwan. Total returns to shareholders of 139% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$122, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 25x in the Software industry in Taiwan. Total returns to shareholders of 114% over the past three years. New Risk • Aug 21
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$1.47 (vs NT$1.65 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.47 (down from NT$1.65 in 2Q 2022). Revenue: NT$384.1m (up 15% from 2Q 2022). Net income: NT$44.0m (down 11% from 2Q 2022). Profit margin: 12% (down from 15% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$162, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 26x in the Software industry in Taiwan. Total returns to shareholders of 198% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$162, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 21x in the Software industry in Taiwan. Total returns to shareholders of 409% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of NT$2.60 per share at 1.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$128, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 18x in the Software industry in Taiwan. Total returns to shareholders of 369% over the past three years. Reported Earnings • Mar 11
Full year 2022 earnings released: EPS: NT$5.74 (vs NT$4.43 in FY 2021) Full year 2022 results: EPS: NT$5.74 (up from NT$4.43 in FY 2021). Revenue: NT$1.43b (up 21% from FY 2021). Net income: NT$172.3m (up 30% from FY 2021). Profit margin: 12% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to NT$133, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 17x in the Software industry in Taiwan. Total returns to shareholders of 316% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$81.40, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 14x in the Software industry in Taiwan. Total returns to shareholders of 161% over the past three years. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$1.43 (vs NT$1.08 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.43 (up from NT$1.08 in 3Q 2021). Revenue: NT$367.7m (up 22% from 3Q 2021). Net income: NT$42.9m (up 33% from 3Q 2021). Profit margin: 12% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.75 (vs NT$1.32 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.75 (up from NT$1.32 in 2Q 2021). Revenue: NT$335.1m (up 17% from 2Q 2021). Net income: NT$49.6m (up 32% from 2Q 2021). Profit margin: 15% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 08
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 18 July 2022. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (2.8%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.86 (vs NT$0.15 in 1Q 2021) First quarter 2022 results: EPS: NT$0.86 (up from NT$0.15 in 1Q 2021). Revenue: NT$294.7m (up 24% from 1Q 2021). Net income: NT$24.3m (up 473% from 1Q 2021). Profit margin: 8.2% (up from 1.8% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Mar 12
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$4.70 (up from NT$4.61 in FY 2020). Revenue: NT$1.18b (up 8.3% from FY 2020). Net income: NT$132.9m (up 12% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue missed analyst estimates by 6.7%. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$1.14 (vs NT$1.12 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$302.6m (up 13% from 3Q 2020). Net income: NT$32.3m (up 12% from 3Q 2020). Profit margin: 11% (in line with 3Q 2020). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.40 (vs NT$1.42 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$287.4m (up 11% from 2Q 2020). Net income: NT$37.5m (up 8.7% from 2Q 2020). Profit margin: 13% (in line with 2Q 2020). Upcoming Dividend • Aug 12
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 23 September 2021. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.1%). In line with average of industry peers (3.6%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.37 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$237.0m (up 3.3% from 1Q 2020). Net income: NT$4.24m (down 53% from 1Q 2020). Profit margin: 1.8% (down from 3.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$4.88 (vs NT$3.67 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.09b (up 13% from FY 2019). Net income: NT$119.0m (up 39% from FY 2019). Profit margin: 11% (up from 8.9% in FY 2019). The increase in margin was driven by higher revenue. Anuncio • Mar 17
Galaxy Software Services Corporation, Annual General Meeting, May 31, 2021 Galaxy Software Services Corporation, Annual General Meeting, May 31, 2021. Is New 90 Day High Low • Dec 21
New 90-day low: NT$59.10 The company is down 21% from its price of NT$74.50 on 23 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 3.0% over the same period. Is New 90 Day High Low • Dec 06
New 90-day low: NT$66.80 The company is down 3.0% from its price of NT$69.00 on 07 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 4.0% over the same period. 
