Adobe Falls 5% on Q1 Earnings, Guidance
Adobe Systems (NASDAQ: ADBE) released its first quarter earnings results after the closing bell on Monday. The company reported net income of $185.21 million or $0.37 per share, versus $234.59 million or $0.46 per share, in the year ago period.
On an adjusted, or non-GAAP basis, Adobe reported net income of $284.51 million or $0.57 per share, versus $298.15 million or $0.58 per share, in last year's first quarter. This was in-line with Wall Street analysts' consensus EPS estimates of $0.57.
Revenues for the quarter were $1.05 billion, a slight increase over the $1.03 billion ADBE reported a year ago. This was also in-line with Street revenue projections of $1.05 billion.
Looking ahead to Q2, Adobe sees revenues between $1.090 billion to $1.140 billion and non-GAAP earnings per share between $0.57 to $0.61. This compares to current consensus Q2 estimates of $0.60 on revenues of $1.10 billion.
For fiscal year 2012, Adobe sees annual revenue growth between six to eight percent versus a prior target range of four to six percent and non-GAAP EPS between $2.38 and $2.48 versus a previous range of $2.37 to $2.47.
Currently, Wall Street analysts have fiscal 2012 EPS estimates of $2.42 on revenues of $4.42 billion for the company.
In Monday's after hours trading session, ADBE shares were trading down roughly 5% to $32.90 as investors react to the report.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.