Boosted by recently acquired Macromedia, Adobe Systems ( ADBE) recorded surging sales in its first quarter, topping analysts' estimates.

But the company offered a disappointing revenue outlook for its current quarter and cautioned investors that earnings may also come in lower than the Street's expectations.

Investors reacted negatively on the news. In recent after-hours trading, Adobe shares were off $1.38, or 3.8%, to $35.24.

In the quarter ended March 3, Adobe earned $105.1 million, or 17 cents a share. Thanks to amortization, restructuring and other charges related to its purchase of Macromedia, that result was down from the year-ago period, when Adobe earned $151.9 million, or 30 cents a share.

Revenue rose 39% year over year to $655.5 million.

Excluding those merger-related expenses and charges related to employee stock options, Adobe would have earned $197.5 million, or 32 cents a share.

Analysts polled by Thomson First Call were expecting the company to post pro forma earnings of 29 cents a share for the first quarter on $650.3 million in sales. Adobe officials had predicted earnings of 13 cents to 16 cents -- 28 cents to 30 cents a share excluding charges -- on sales ranging from $630 million to $660 million.

Looking forward, Adobe expects to earn 18 cents to 21 cents a share in the current quarter -- 30 cents to 32 cents a share excluding charges -- on sales of between $640 million and $670 million.

Wall Street had forecast that Adobe would earn 32 cents a share sans charges in the second quarter on $675.7 million in sales.

Adobe's stock closed regular trading on Wednesday up 27 cents, or about 1%, to $36.62.