SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Adobe Systems Inc. (ADBE) on Wednesday reported fiscal first-quarter profit of $1.81 billion.
The San Jose, California-based company said it had net income of $4.14 per share. Earnings, adjusted for one-time gains and costs, were $5.08 per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $4.97 per share.
The software maker posted revenue of $5.71 billion in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $5.65 billion.
For the current quarter ending in May, Adobe expects its per-share earnings to range from $4.95 to $5.
The company said it expects revenue in the range of $5.77 billion to $5.82 billion for the fiscal second quarter.
Adobe expects full-year earnings in the range of $20.20 to $20.50 per share, with revenue ranging from $23.3 billion to $23.55 billion.
Adobe shares have decreased 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $439.25, a decrease of 24% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADBE at https://www.zacks.com/ap/ADBE
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