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Adobe Beats Street on 4Q Earnings, Revenue

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. Video

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

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.