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Adobe: Fiscal 3Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Adobe Systems Inc. (ADBE) on Tuesday reported fiscal third-quarter profit of $955 million.

On a per-share basis, the San Jose, California-based company said it had net income of $1.97. Earnings, adjusted for one-time gains and costs, came to $2.57 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.40 per share.

The software maker posted revenue of $3.23 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $3.15 billion.

For the current quarter ending in November, Adobe expects its per-share earnings to be $2.64. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.61.

The company said it expects revenue in the range of $3.35 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $3.34 billion.

Adobe shares have risen 51% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $497.67, a rise of 76% 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