Adobe Shares Jump on Higher Profit, Outlook
U.S. software maker Adobe Systems on Tuesday posted a higher quarterly profit and gave a forecast that topped Wall Street expectations, sending shares up more than 7 percent in after-hours trade.
Adobe posted a net profit of $219.4 million, or 39 cents per diluted share, in its fiscal first-quarter ended Feb. 29, up from a profit of $143.9 million, or 24 cents per diluted share, in the year-ago quarter.
Sales rose 37 percent to $890.4 million in the quarter from $649.4 million.
Excluding stock-based compensation and acquisition costs, earnings per share totaled 48 cents per share in the quarter.
Analysts expected a profit of 45 cents per share, on average, in the first quarter, according to Reuters Estimates.
Shares of Adobe climbed more than 7 percent in extended trade after posting its results. In regular trade, the stock gained $1.09 , or 3.5 percent, to $31.88.