Adobe earnings prompt bullish outlook
The software maker beats analysts' expectations for the first quarter of its fiscal year and sees good things for the months ahead.
Adobe Systems' fiscal first quarter was stronger than expected and the company boosted its outlook for the next quarter amid new versions of its Flash Player and Creative Suite.
The company reported earnings of $127.2 million, or 24 cents a share, on revenue of $858.7 million, up from $786.4 million a year ago (statement). On a non-GAAP basis, Adobe reported earnings of 40 cents a share. Wall Street was expecting earnings of 37 cents a share on revenue of $827.4 million.
As for the outlook, Adobe said it was projecting second-quarter earnings of $875 million to $925 million. On a non-GAAP basis, Adobe sees earnings of 39 cents to 44 cents a share. Wall Street was expecting earnings of 41 cents a share on revenue of $860.4 million. Shantanu Narayen, president and CEO of Adobe, said on a conference call with analysts that he was bullish on the rest of the year.
Read more of "Adobe earnings: Business strong, product cycles boost outlook" at ZDNet's Between the Lines.