Adobe Shares See Mid-Day Surge Amid Leaked Q1 Results
Investors in shares of Adobe Systems (NASDAQ: ADBE) saw a parabolic move at the end of Tuesday's trading session as the company's first-quarter results were leaked. The stock surged to a mid-day high at $70.24 just a moment after the results started hitting the wires; shares have since pared the gain, but remain in positive territory.
Adobe reported quarterly sales of $1 billion, down about one percent from the same quarter last year. Analysts on Adobe had been looking for sales of just $973 million. The top-line figure was down about four percent from the fourth quarter of 2013.
Digital media sales totaled $641.1 million, digital marketing sales totaled $314.4 million and sales in the print and publishing segment totaled $44.6 million.
The company posted a quarterly profit of $0.30 per share, beat the analyst consensus estimate of $0.25. Adobe's bottom-line number was down about 14 percent year-over-year.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.