Adobe Reports a Robust Second Quarter and Plans Share Buyback

Adobe Systems (ADBE) posted double-digit earnings gains in the second quarter, fueled by strong growth from its launch of Creative Suite 5, the company said Tuesday. The graphics-software maker generated $943 million in revenue for the quarter, a 34% increase over the same time last year. That performance beat Adobe's earlier revenue guidance to Wall Street of $875 million to $925 million. The company's net income climbed to $148.6 million -- up 17.8% from a year ago.

The company expects even greater revenue in the third quarter, to the tune of $950 million to $1 billion. That, in part, explains its decision to modify its share-repurchase program -- Adobe announced it would buy back up to $1.6 billion in common stock through fiscal 2012.

Despite its strong earnings performance and share-buyback program, Adobe's shares were down 2.33% to $32 in pre-market trading Wednesday.
Read Full Story
  • DJI25745.67-141.71-0.55%
  • NIKKEI 22521608.9242.070.20%
    Hang Seng29071.56-249.41-0.85%
  • USD (PER EUR)1.14-0.0038-0.33%
    USD (PER CHF)1.01-0.0024-0.23%
    JPY (PER USD)110.60-0.0860-0.08%
    GBP (PER USD)1.31-0.0058-0.44%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.