Adobe Falling After Reporting Earnings (ADBE)

Adobe Systems ADBE released their quarterly earnings this afternoon after the closing bell. The company reported second quarter GAAP net income of $148.6 million or $0.28 per share compared to $126.1 million or $0.24 per share in the year ago period. On an adjusted, or non-GAAP basis, ADBE's net income was $234.2 million or $0.44 per share versus $185 million or $0.35 per share in the last year's fiscal second quarter. This compared to analysts' EPS estimates of $0.44. Revenue increased 34% to $943 million compared to $704.7 million in last year's corresponding quarter. Wall Street consensus revenue estimates going into this report were set at $905.91 million. ADBE said that they expect non-GAAP earnings of $0.46-$0.50 per share for the fiscal third quarter of 2010 and revenues between $950 million and $1 billion. Street estimates are currently at $0.48 on revenue of $958.69 million. In the after hours session, ADBE has fallen 2.26% to $32.00.