Jun 17, 2005

Acrobat Sales Help Adobe Systems’ Q2 Soar Above Expectations

Source: Investor’s Business Daily via Yahoo News
Written By Patrick Seitz, Investor’s Business Daily

Adobe Systems beat Wall Street’s estimates in the second quarter, thanks to strong sales of its software for creative professionals and document management. But the company’s guidance for the current quarter disappointed investors.

Late Thursday, Adobe (NasdaqNM: ADBENews) said it earned 28 cents a share, up 27% from a year earlier, on sales of $496 million, up 21%, in the quarter.

Analysts polled by Thomson First Call expected Adobe to earn 27 cents a share on sales of $491.7 million for its fiscal second quarter ended June 3.

But Adobe shares were down more than 6% in after-hours trading after it released results.

Shares rose 1.3% to close at 32.41 in regular trading.

“The numbers were very good for the quarter, but the guidance was a little light,” said Jamie Friedman, an analyst with Fulcrum Global Partners.

Adobe’s guidance was in line with Wall Street estimates. Adobe expects earnings of 25 to 27 cents a share on sales of $470 million to $490 million. Analysts polled by First Call set a target of 26 cents on sales of $485 million.

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