Adobe Beats 4Q Estimates

Adobe CEO and President Shantanu Narayen on how the company managed to report better-than-expected earnings for the fourth-quarter, and what's ahead for the company.

Adobe Beats Street on 4Q Earnings, Revenue

Features Reuters

Software maker Adobe Systems Inc released quarterly results that beat Wall Street projections, sending its shares up 3 percent.

Continue Reading Below

The positive surprise came a month after the company announced plans to lay off 7 percent of its staff as it cut back on investment in some products and halted development of its Flash Player for mobile browsers, surrendering in a long-running war with Apple Inc over emerging Web standards.

The world's biggest maker of design software posted a profit, excluding items, of 67 cents per share for the fourth quarter, which ended Dec. 2. That beat the average forecast of 60 cents. Quarterly revenue rose 14 percent from a year earlier to $1.15 bln, ahead of beat the average forecast of $1.09 billion.

Shares of Adobe closed at $26.46 on Nasdaq and rose 3 percent to $27.26 in extended trading.

What do you think?

Click the button below to comment on this article.