Adobe Rises To Record Levels After Beating Earnings Expectations

Adobe Systems Inc. shares rose to prices it has never reached in regular trading Tuesday after the software company beat quarterly earnings projections with record quarterly revenue. The maker of the Creative Suite of products reported net income of $374.4 million, or 75 cents a share, on sales of $1.77 billion for its fiscal second quarter. After adjusting for stock-based compensation and other effects, Adobe claimed earnings of $1.02 a share. Analysts on average expected adjusted earnings of 95 cents a share on sales of $1.73 billion. Adobe stock topped $146 in after-hours trading following the report's release, after closing the regular session with a 0.4% increase at $140.91. Adobe has never traded for more than $144.34 in regular trading and established a record closing high of $143.62 on June 7.