Adobe Reaffirms Guidance
Adobe Systems' (ADBE) third-quarter profit plunged 35% largely because of acquisition and stock-options costs, but the software maker's results topped expectations.
Additionally, the Photoshop publisher gave guidance for the fourth quarter that essentially met analysts' growth targets.
Investors cheered the Thursday report, sending Adobe's stock up $2.71, or 8%, to $36.36 in recent after-hours trading.
In the quarter ended Sept. 1, Adobe earned $94.4 million, or 16 cents a share. In contrast, the company earned $144.9 million, or 29 cents a share, in the year-ago period.Thanks in part to the company's acquisition of Macromedia -- whose results weren't included in the year-ago results -- Adobe's sales jumped 21.7% to $579.2 million. Excluding options, amortization and certain other costs, Adobe would have earned 29 cents a share, compared with 31 cents a share last year. On this basis, analysts polled by Thomson First Call were expecting the company to earn 26 cents a share on sales of $595.1 million. Adobe's
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