Adobe surpasses analysts' Q1 expectations
updated 08:10 pm EST, Thu March 13, 2003
Adobe Systems reported first-quarter net income today that rose nine percent from the year-ago quarter, beating analysts' targets. For the quarter ended Feb. 28, , or 23 cents a share, compared to $49.8 million, or 20 cents a share, a year earlier. Excluding investment losses, Adobe's pro forma profit was 25 cents a share. By that measure, analysts polled by Thomson First Call had been expecting earnings of 22 cents a share. Adobe shares fell 15 cents to $28.37 in after-hours trading. The company's stock had risen $1.03, or nearly 4 percent, to close at $28.52 on Nasdaq. Adobe said that for its second quarter, ended May, it expects earnings before charges in a range of 24 to 27 cents.
