Adobe Systems

(ADBE) - Get Report

reported first-quarter earnings today that beat Wall Street's estimates, but the software maker lowered its second-quarter revenue guidance, citing the "challenging and uncertain economic environment."

For the first quarter ended March 2, Adobe earned $69.8 million, or 33 cents a share, excluding nonoperating gains and losses, up from $64.6 million, or 24 cents a share, in the year-ago period. Fourteen analysts surveyed by

First Call/Thomson Financial

expected the company, which is based in San Jose, Calif., to earn 28 cents a share.

Adobe posted first-quarter revenue of $329 million, up 17% from $282 million in the same period last year. In January, Adobe said it was

seeing a slowdown in some geographic areas, mainly in the U.S. At the time, analysts were calling for the company to post earnings of 30 cents a share for the first quarter.

The graphics software provider said it expects second-quarter revenue to be 15% lower than the top line of $300.1 million in the same period a year ago. Adobe declined to provide revenue targets for the second half of the fiscal year.

Shares of Adobe closed down $1.06 at $25 on the

Nasdaq

this afternoon, but rebounded to $27 in after-hours

Island

action.