Adobe profit up; fore­cast dis­ap­points

Los Angeles Times - - Business -

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.

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