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Adobe falters but beats Street

The graphics software maker reports a dip in second-quarter revenues and profits but still surpasses estimates by a healthy margin.

Adobe Systems today reported a dip in second-quarter revenues and a 30 percent drop in profits, but the graphics software maker beat Wall Street's estimates by a healthy margin.

Adobe, which last quarter surprised analysts by falling short of expectations, reported net earnings of $28 million, or 41 cents a share, for the period ending May 29, compared with profits of $40.1 million, or 54 cents a share, reported a year earlier. Excluding one-time charges and gains, Adobe's net income was $29.3 million, or 43 cents a share.

Analysts had expected the company to post earnings of 39 cents a share, according to First Call. Adobe's stock has had a volatile ride in June, following a steep slide from around 50 a share in May to below 40 earlier this month.

The company's revenues, meanwhile, fell to $227.3 million, down from $228.3 million posted a year ago. Sales of application products accounted for $184.9 million, compared with $175 million a year ago, but licensing revenues fell to $42.5 million, down 20.2 percent over a year ago.

"Despite continuing economic weakness in Asia, Adobe produced a solid set of results for the quarter," John Warnock, the company's chairman and chief executive, said in a statement. "We successfully launched a major cycle of new product introductions and existing product upgrades. The increase in operating expenses during the quarter was required to launch this product cycle effectively."

Meanwhile, the company's board of directors declared a cash dividend of 5 cents a share, payable July 20 to stockholders of record as of July 6.