SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Adobe Systems Inc. (ADBE) on Thursday reported fiscal third-quarter profit of $1.77 billion.
On a per-share basis, the San Jose, California-based company said it had net income of $4.18. Earnings, adjusted for one-time gains and costs, were $5.31 per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $5.17 per share.
The software maker posted revenue of $5.99 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $5.9 billion.
For the current quarter ending in November, Adobe expects its per-share earnings to range from $5.35 to $5.40.
The company said it expects revenue in the range of $6.08 billion to $6.13 billion for the fiscal fourth quarter.
Adobe expects full-year earnings in the range of $20.80 to $20.85 per share, with revenue ranging from $23.65 billion to $23.7 billion.
Adobe shares have dropped 21% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $350.77, a fall of 40% 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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