Adobe Systems Inc. (ADBE) Sales Flat
Adobe Systems Inc. reported flat first-quarter sales but easily exceeded Wall Street expectations with a 37 percent surge in profit, prompting bullish executives to raise guidance Tuesday as the software company prepares its biggest-ever product launch.
Net income for the three months ended March 2 was $143.9 million, or 24 cents a share, up from $105.1 million, or 17 cents a share, in the same quarter of last year.
Quarterly sales were $649.4 million, down less than 1 percent from $655.5 million in the first quarter of 2006.
Excluding costs for expenses, such as restructuring charges related to the December 2005 acquisition of Macromedia Inc., profit was $182.3 million, or 30 cents per share.
On that basis, analysts were expecting Adobe to earn $172.4 million, or 29 cents per share, on revenue of $655.6 million, according to a Thomson Financial survey.
Net income for the three months ended March 2 was $143.9 million, or 24 cents a share, up from $105.1 million, or 17 cents a share, in the same quarter of last year.
Quarterly sales were $649.4 million, down less than 1 percent from $655.5 million in the first quarter of 2006.
Excluding costs for expenses, such as restructuring charges related to the December 2005 acquisition of Macromedia Inc., profit was $182.3 million, or 30 cents per share.
On that basis, analysts were expecting Adobe to earn $172.4 million, or 29 cents per share, on revenue of $655.6 million, according to a Thomson Financial survey.
Labels: ADBE, Adobe Systems Inc.
posted by Stock Administrator @ 10:23 PM
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