Business software maker Progress Software Corp forecast first-quarter earnings below analyst expectations, as some of its customers continue to delay investments amid macroeconomic uncertainties, sending its shares down as much as 9 percent in trading after the bell.

The company is facing execution challenges and its markets are softening, also it is trying to be conservative in its guidance, Analyst Steve Koenig of Longbow Research said.

Progress Software expects to post earnings per share of 25 cents, on revenue of $120 million, for the first quarter ending Feb 29.

Analysts, on average, expect the company to earn 38 cents a share on revenue of $132 million, according to Thomson Reuters I/B/E/S.

For the fourth quarter 2011, Progress Software posted earnings of 34 cents a share, compared with earnings of 47 cents a share a year ago. Revenue fell 6 percent to $136.3 million.

Shares of the company were trading down $1.50 at $18.30 in post market trading. They had closed at $19.80 on Tuesday on Nasdaq.

(Reporting by Durba Ghosh in Bangalore; Editing by Hezron Selvi)