Adobe Shares Jump to 6-Year High
Shares of Adobe Systems hit a 6-year high after quarterly profit rose on higher sales of its computer programs used for design, photo editing and document sharing. The software maker also gave next-quarter guidance that is slightly below current estimates.
The maker of Photoshop and Acrobat software said that fourth-quarter net income rose to $181.9 million, or 30 cents per share, from $156.3 million, or 31 cents a year earlier.
Per-share net income was down because the number of Adobe shares rose from a year earlier.
Revenue rose to $682.2 million during the quarter ended Dec. 1 from $510.4 million in the year-earlier quarter.
For the first quarter, Adobe is targeting Non-GAAP earnings of 28 cents to 30 cents a share and revenues between $640 million and $670 million. Ahead of the report, analysts were predicting 31 cents a share of earnings and revenues of $652 million, according to Thomson Financial.