SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Adobe Systems Inc. (ADBE) on Thursday reported fiscal second-quarter net income of $1.71 billion.
On a per-share basis, the San Jose, California-based company said it had net income of $4.25. Earnings, adjusted for stock option expense and asset impairment costs, were $5.96 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $5.83 per share.
The software maker posted revenue of $6.62 billion in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $6.46 billion.
For the current quarter ending in August, Adobe expects its per-share earnings to range from $6.05 to $6.10.
The company said it expects revenue in the range of $6.67 billion to $6.72 billion for the fiscal third quarter.
Adobe expects full-year earnings in the range of $24.35 to $24.45 per share, with revenue ranging from $26.5 billion to $26.6 billion.
Adobe shares have dropped 37% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $220.68, a decrease of 47% 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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