NEW YORK (TheStreet) -- Shares of Adobe Systems (ADBE) were slipping, down 1.18% to $79 in pre-market trading on Wednesday after the software company released its fiscal second quarter results late yesterday.

"After much early success, investors continue to wrestle with whether Adobe will be able to convince the late adopters that a subscription pricing model is right for them," said Edward Jones technology analyst Josh Olson.

"We believe much of the credit for Adobe's transition to a more predictable business model is being fairly reflected in today's shares, which are trading at roughly 39 times our 2015 earnings estimate," Olson added.

For the second quarter, the maker of the Photoshop software program earned 48 cents per share, topping analysts' estimates of 45 cents per share, according to analysts polled by Thomson Reuters.

Revenue grew 8.8% from the same quarter of last year to $1.16 billion for the quarter, in-line with analysts' estimates.

"We are accelerating the pace of innovation in our Cloud offerings and are thrilled to be launching our best Creative Cloud release to date, which includes Adobe Stock our new stock content service," company president and CEO Shantanu Narayen said in a statement.

San Jose, Calif.-based Adobe Systems is a diversified software company that offers a line of products and services used by creative professionals, marketers, knowledge workers, application developers, enterprises and consumers.

The company's business is organized into three segments including digital marketing, digital media, and print and publishing.

Separately, TheStreet Ratings team rates ADOBE SYSTEMS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

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