Adobe profit up; forecast disappoints
Adobe Systems Inc. reported better-than-expected third-quarter results but set a revenue forecast for its fourth quarter that was below Wall Street’s target.
Adobe said net income rose to $230.1 million, or 44 cents a share, up from $136 million, or 26 cents, a year earlier. Excluding items, Adobe earned 54 cents a share, better than the average Wall Street estimate of 49 cents a share, according to Thomson Reuters.
Revenue rose 42% to $990.3 million, just ahead of Wall Street’s target of $985 million.
For the current quarter, Adobe forecast earnings excluding items of 48 cents to 54 cents a share on revenue of $950 million to $1billion.
Analysts are expecting a profit of 53 cents a share on revenue of $1.03 billion.
Adobe fell 17 cents to $32.94 on Nasdaq and fell to $28.60 in extended trading.