Adobe raises guidance amid market turmoil
But Q3 profits fall on year
Adobe Systems saw Q3 quarterly profit drop seven per cent as revenue climbed four per cent.
The software maker said Acrobat and LiveCycle products and a varied biz helped plump up revs for the quarter ended 29 August 2008.
Adobe pulled in revenue of $887.3m, compared to $851.7m for the same quarter a year ago.
However, net income fell in Q3. It earned $192m, or 35 cents a share, down from $205m, or 34 cents a share, a year earlier. The company blamed higher operating costs and lower interest income for the profit drop.
Adobe was also confident enough, amid economic shockwaves thundering through Wall Street, to raise its outlook for the current quarter on strong demand for its products, pushing shares up nearly five per cent.
The software company, which bought Macromedia in 2005, makes well-known products including Acrobat Reader, Flash and Photoshop. It is set to launch Creative Suite 4 next week.
Adobe shares are currently trading at $38.14 on Nasdaq, up 4.6 per cent. ®