Adobe Systems Inc. (ADBE) Stock Soars on Earnings
Shares of Adobe Systems Inc., which makes graphic design, publishing and imaging software, jumped Friday, a day after the company reported strong earnings for the fourth quarter.
The San Jose, Calif.-based company's stock climbed $2.20, or 5.4 percent, to $43.01 in midday trading on the Nasdaq, after setting a fresh 52-week high of $43.22 earlier in the session. The stock has traded between $25.98 and $42.75 in the past 52 weeks.
After the market closed Thursday, Adobe reported 16 percent growth in fourth-quarter income on a 34 percent rise in revenue. Sales totaled $682.2 million for the quarter, more than $10 million above analysts' average estimate.
The company also predicted 2007 revenue growth of 15 percent.
The San Jose, Calif.-based company's stock climbed $2.20, or 5.4 percent, to $43.01 in midday trading on the Nasdaq, after setting a fresh 52-week high of $43.22 earlier in the session. The stock has traded between $25.98 and $42.75 in the past 52 weeks.
After the market closed Thursday, Adobe reported 16 percent growth in fourth-quarter income on a 34 percent rise in revenue. Sales totaled $682.2 million for the quarter, more than $10 million above analysts' average estimate.
The company also predicted 2007 revenue growth of 15 percent.
Labels: ADBE, Adobe Systems Inc.
posted by Stock Administrator @ 4:55 PM
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