Aug 2, 2006

Adobe affirms financial forecast, sending shares up

Source: MarketWatch
Written by Michael Paige

LOS ANGELES (MarketWatch) — Adobe Systems Inc. late Tuesday backed its earlier financial forecast for its fiscal third quarter, sending the design-software firm’s shares climbing over 5% in evening trading.

The company’s stock climbed to $29.84 in the extended-hours session as investors cheered the news, up $1.50 from the regular close. Shares closed the day-time session off 0.6% at $28.34, and have ranged from $25.80 to $40.85 over the last 52 weeks.

Adobe (ADBE : 32.15, +3.81, +13.4% ) , which makes the ubiquitous Acrobat software used to share digital documents, said it continues to expect a net profit of 13 cents to 16 cents a share on revenue of between $580 million and $610 million for the period ending Sept. 1.

Excluding one-time items, the San Jose, Calif.-based company anticipates a profit ranging between 25 cents and 27 cents a share for the quarter, unchanged from a forecast offered on June 15.

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Read the official Adobe Intra-Quarter Business Update

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