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

(Reuters) - Industrial software maker PTC 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 and Indian motorcycle maker Eicher Motors' 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)