Adobe Systems reports lower 1st-quarter profit as costs climb, but sales improveBy AP
Tuesday, March 23, 2010
Adobe Systems posts lower 1Q profit as costs grow
SAN JOSE, Calif. — Adobe Systems is reporting a decline in its fiscal first-quarter profit on higher expenses, but sales climbed as demand for its design and publishing software improved along with the economy.
Adobe Systems Inc. said Tuesday that it earned $127.2 million, or 24 cents per share, during the three months that ended March 5. That is down 19 percent from a year earlier.
Excluding items such as stock compensation costs, Adobe says it earned 40 cents per share in the latest quarter. This is above the 37 cents that analysts polled by Thomson Reuters were expecting.
Revenue rose 2 percent to $858.7 million, surpassing analysts’ expectations.
Adobe, which is based in San Jose, Calif., is forecasting second-quarter revenue of $875 million to $925 million, above Wall Street’s predictions.
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