Adobe Trades Higher on Q2 Results

Shares of

were trading up in Tuesday's after-hours session after the company released its fiscal second-quarter earnings results after the closing bell. Adobe reported a sharp drop in adjusted net income for the quarter, but the results came in ahead of Wall Street consensus EPS estimates. Revenue for Q2 was in-line with expectations. Adobe reported net income of $76.5 million or $0.15 per share, compared to $223.9 million or $0.45 per share, in last year's corresponding period. On an adjusted basis, Adobe earned $182.9 million or $0.36 per share, versus $299.6 million or $0.60 per share, last year. This beat analysts' consensus EPS estimates of $0.34 by two cents. Revenue in the quarer was down slightly. Adobe reported net sales of $1.01 billion from $1.12 billion a year ago. This was exactly what Wall Street analysts had expected from the compan in fiscal Q2. In late trading, ADBE was last up more than 4 percent to $43.36. The 52-week range in the stock is $29.52 to $47.17. Year-to-date, Adobe shares are up around 15 percent and the stock could be setting up to challenge 52-week high levels in the wake of the company's solid second-quarter results.