Yeeeeehhhaaaaaa!
Adobe earnings blowout! 60 cents v. 52 cents consensus. And better yet, Adobe expects to blow away next quarter's estimates too by a similar margin.
Will post the earnings report as soon as I read it (Did this release take anyone else by surprise? I had no idea they were reporting today.)
Doughboy.
Adobe Systems first-quarter profit tops forecasts
SAN JOSE, Calif., March 18 (Reuters) - Computer graphics software maker Adobe
Systems Inc. (Nasdaq:ADBE - news) on Thursday posted stronger-than-expected
first-quarter profit and said it would also beat second-quarter forecasts.
The company said its first-quarter earnings rose to $38.3 million, or 60 cents a share,
from $26.7 million, or 38 cents, in the year-ago quarter. Adobe beat analysts' forecasts of 52 cents a share, as revenues
rose to $226.9 million from $197.8 million a year earlier.
''We are pleased with the results for the first quarter of fiscal 1999, and we see positive momentum for the remainder of
the year, with a strong product release cycle just ahead of us for Web and publishing solutions,'' Chief Executive John
Warnock said.
''We remain committed to a fiscal year 1999 annual revenue growth rate of 15 percent, after divested businesses, with an
annual operating margin of 25 percent,'' he said.
Adobe said its second-quarter results may also exceed analysts' earnings forecasts of 55 cents a share. The company
estimated that its earnings for the quarter would fit into a range of 62 to 66 cents a share.
Adobe, which makes such programs as PhotoShop and PageMaker, said revenues from application products rose to
$188.8 million from $156 million a year ago, up 25.9 percent after deducting revenue from divested businesses. Licensing
revenue, or sales of new software -- closely watched by analysts to gauge future earnings growth -- fell about 9 percent to
$38.1 million from $41.9 million a year-ago.
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