PTC Inc. (NASDAQ:PTC) shares rose more than 7% on Thursday despite the company’s reported disappointing Q3 results, with revenue, operating margin, and EPS results coming in below the Street estimate due to currency headwinds and ASC 606 revenue recognition.

EPS was $0.97, worse than the Street estimate of $1.07. Revenue came in at $462 million, compared to the Street estimate of $473.82 million.

Demand was broad-based, with ARR growth (ex-FX) accelerating across all segments. Notably, Growth segment (IoT/AR) ARR growth improved (up 19% year-over-year ex-FX). However, the CEO admitted that the current macro environment does not support more than 20% year-over-year ARR growth.

The company expects full 2022-year revenue in the range of $1.9-1.95 million, compared to the Street estimate of $1.94 million.