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Adobe: Fiscal 1Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Adobe Systems Inc. (ADBE) on Thursday reported fiscal first-quarter earnings of $674.2 million.

The San Jose, California-based company said it had net income of $1.36 per share. Earnings, adjusted for one-time gains and costs, came to $1.71 per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.

The software maker posted revenue of $2.6 billion in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $2.54 billion.

For the current quarter ending in June, Adobe expects its per-share earnings to be $1.77.

The company said it expects revenue in the range of $2.7 billion for the fiscal second quarter.

Adobe expects full-year earnings to be $7.80 per share, with revenue expected to be $11.15 billion.

Adobe shares have climbed 18 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $267.32, a rise of 22 percent in the last 12 months.


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