Adobe Falling on Earnings, Lowered Outlook

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Adobe Systems

(ADBE) - Get Report

reported pro forma fourth-quarter income of $48.7 million, or 20 cents a share, missing Wall Street's consensus estimate of 21 cents by one penny. In the year-ago quarter, the company earned $86.5 million, or 34 cents a share.

Revenue, impacted by a sharp fall in software sales after Sept. 11, fell to $264.5 million from $355.2 million in the year-ago quarter, below the company's estimates of $275 million to $285 million.

The software maker also said its first-quarter earnings would be lower than expected, falling in the range of 20 cents to 22 cents a share. Analysts had been expecting 23 cents, according to Thomson Financial/First Call.

Shares of Adobe Systems recently were losing 4.5% to $29.25 in Instinet premarket trading.