Adobe earnings just miss expectations

  • Thursday, December 13, 2001 9:00pm
  • Business

Associated Press

SAN JOSE, Calif. — Adobe Systems Inc. reported fourth-quarter results Thursday that missed Wall Street expectations by a penny, and warned that first-quarter results also will fall short of expectations.

For the three months that ended Nov. 30, Adobe said it earned $34.3 million, or 14 cents per share. In the same period last year, Adobe posted a net income of $79.2 million, or 31 cents per share.

Excluding restructuring and one-time charges, Adobe reported pro forma earnings of $48.7 million, or 20 cents per share. Analysts surveyed by First Call/Thomson Financial had expected Adobe to earn 21 cents per share.

Shares of Adobe, which fell $1.15 to $30.63 in regular trading on the Nasdaq Stock Market, slipped another $1.38 to $29.25 in after-hours trading.

The San Jose-based company, the leader in desktop publishing software and the second-largest PC software company in the United States, said revenue for the three months was $264.5 million, down from $355.2 million in the year-ago period.

In October, the company lowered its fourth-quarter targets, citing the uncertain economic climate after the Sept. 11 terrorist attacks. The company forecast then that revenues would range between $275 million and $285 million, instead of between $310 million and $320 million and said it expected earnings of 20 cents to 22 cents a share.

Copyright ©2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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