Design software maker Adobe Systems Inc on Wednesday posted lower quarterly net income on acquisition-related costs and gave a disappointing outlook, sending its shares down nearly 4 percent.
Net income fell to $105.1 million, or 17 cents per share, for the fiscal first quarter ended March 3, from $151.9 million, or 30 cents per share, a year ago.
Excluding items such as costs for its December acquisition of Macromedia, the company said it had a per-share profit of 32 cents, above the average Wall Street target of 29 cents, as compiled by Reuters Estimates.
"The challenge for this company is investors have been trained for them to beat numbers and raise guidance, which they didn't do this quarter," Karen Haus, an analyst at WR Hambrecht, said.
"They didn't blow out the numbers, but it was a solid quarter," she said.
Adobe said its current quarter profit and revenue could fall short of analysts' estimates, although it backed its full-year revenue target.
Revenue at Adobe, known for its Photoshop editing and Acrobat document-sharing software, rose 39 percent to $655.5 million in the quarter.
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