Adobe Shares Rise As Earnings Beat Expectations

Adobe Systems Inc. shares rose in late trading Thursday after the software company reported better-than-expected quarterly profit and sales. The maker of software like Photoshop and Illustrator reported profit of $398.5 million, or 80 cents a share, on revenue of $1.68 billion for its fiscal first quarter. After adjustments for stock-based compensation and other factors, the company claimed profit of 94 cents a share. Analysts polled by FactSet on average expected Adobe to report adjusted earnings of 87 cents a share, on par with Adobe's guidance, on sales of $1.65 billion. Adobe stock, which hit record intraday and closing prices in Thursday's regular trading session, rose more than 3% in after-hours action following the report's release.