Adobe Profit Beats Expectations; Shares Climb
Desktop publishing software maker Adobe Systems said Monday its fiscal fourth-quarter profit and sales rose to beat Wall Street's expectations, fueled by strong sales of Creative Suite 3 and Acrobat.
Adobe shares gained some 3 percent in after-hours trade, having lost 2.87 percent Tuesday to close at $40.90 on the Nasdaq.
For the quarter ended Nov. 30, the company earned $222.2 million, or 38 cents per share, up 21 percent from $183.2 million, or 30 cents per share, in the same period a year earlier.
Adjusted earnings, excluding stock options costs and the amortization of intangibles, were $289.6 million, or 49 cents per share.
Revenue rose 34 percent to $911.2 million from $682.2 million.
Analysts, on average, were expecting a profit, excluding special items, of 48 cents per share on revenue of $887.3 million, according to a survey by Thomson Financial.
"Driving our (fourth-quarter) results were continued adoption of our Creative Suite 3 family of products, record revenue for Acrobat and strong momentum in our enterprise business," Shantanu Narayen, president and chief executive, said in a statement.
For the full year, the company earned $723.8 million, or $1.21 per share, up from $505.8 million, or 83 cents a share, a year earlier. Adjusted earnings were $1.61 per share.
Revenue rose 23 percent to $3.16 billion from $2.58 billion.
Adobe said it expects first-quarter earnings of 34 cents to 36 cents per share and adjusted earnings between 44 cents and 46 cents per share -- above analysts' expectations of 42 cents per share in adjusted earnings.