Adobe Systems 3Q Profit Up 69% On Record Revenue; 4Q View Weak |
| Wall Street Journal - Sep 21, 2010 |
Adobe Systems Inc.'s (ADBE) fiscal third-quarter profit jumped 69% on record revenue as sales of its flagship Creative Suite 5 remained strong.
But shares dropped more than 15% to $27.97 in after-hours trading as the graphics-software company's fourth-quarter guidance disappointed investors.
Adobe forecast fourth-quarter earnings of 48 cents to 54 cents a share on revenue of $950 million to $1 billion. Analysts, on average, had estimated 53 cents and $1.03 billion, respectively, according to a poll by Thomson Reuters.
"The third quarter was all good," said Steven Ashley, an analyst with Robert W. Baird & Co. "The disappointment is in the fourth quarter."
Adobe has seen a weakening of sales of in its Creative Solutions division in the U.S. education market--its largest sector market--and in all products in Japan, Chief Executive Shantanu Narayen said during the earnings call. The company expects that to continue in the current quarter. Japan is the company's largest geographic market after the U.S.
Read Full Article from Wall Street Journal
- Posted: 2010-09-21 22:28:06
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
