Adobe Systems ( ADBE) offered a somewhat confusing earnings report and disappointing guidance. Still, the market didn't spend too much time dwelling on those things Thursday.While the stock was off nearly 3% in recent trading, it had recovered some of its losses from Wednesday night. And analysts and investors were mostly bullish on the results and prospects of the software maker, which acquired chief rival Macromedia in December. "This was about as good a performance coming off a big merger as seen in technology," says Tony Ursillo, a buy-side analyst at Loomis Sayles, which is long Adobe. With the company planning to update its most important software titles over the next year, it has the potential to exceed expectations, Ursillo says, calling the stock a buy at its current price. "People are going to be willing to pay for that," he says. In its just-completed first quarter, Adobe posted strong revenue growth thanks at least in part to the Macromedia acquisition. Although the company's pro forma results topped analysts' expectations, the company didn't make it terribly easy to understand how its core businesses were doing. The company did not, for instance, break out how its own business and that of Macromedia performed separately, or how those results compared with those of the year-ago period. In an interview after the company's earnings call, company president Shantanu Narayen noted that Macromedia's financial quarters covered different periods than did Adobe's and that it would have been a difficult task to try to figure out how Macromedia in particular performed in Adobe's year-ago quarter. Meanwhile, since Adobe acquired Macromedia in December, the company has begun to bundle some of Macromedia's programs with its own, making it difficult to assign sales to one or the other of the two formerly separate companies, Narayan said. Narayan did say that Adobe's separate business grew by a "double-digit" percentage rate year over year, but declined to give a specific growth rate number.