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Business Briefing / Earnings

Adobe's net income falls 29%

March 18, 2009|Times Wire Reports

Adobe Systems Inc. posted a 29% decline in its fiscal first-quarter profit.

For the December-February period, Adobe, based in San Jose, earned $156.4 million, or 30 cents a share, compared with $219.4 million, or 38 cents, a year earlier.

Excluding one-time items, adjusted earnings were 45 cents a share, beating average analysts' estimates by a penny.

Revenue declined 12% to $786.4 million, roughly in line with analysts' estimates of $784.2 million, according to a survey by Thomson Reuters.

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