Adobe Rising After Posting Higher Q3 Profit
Adobe Systems (NASDAQ: ADBE) released its third-quarter earnings results after the closing bell on Wednesday. During Thursday's trading session, ADBE is breaking out and was last trading up better than 4 percent to $34.49.
The company reported third-quarter net income of $201.36 million or $0.40 per share, compared to $195.10 million or $0.39 per share, in the year ago period.
On a non-GAAP basis, net income was $291.19 million or $0.58 per share, versus $272.80 million or $0.55 per share, in last year's comparable quarter. This was in line with analyst's consensus EPS estimates of $0.58.
Revenues for the period were $1.08 billion from $1.01 billion last year. This missed Wall Street consensus revenue estimates of $1.10 billion.
Looking ahead to the fourth-quarter, the company said that it now expects revenues between $1.075 billion and $1.125 billion. Non-GAAP earnings per share are anticipated to be between $0.53 and $0.58. This is well below current consensus EPS estimates of $0.67. Analysts expect Adobe to report sales of $1.21 billion in the fourth-quarter.
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