Adobe Systems Beats on Q1 EPS, Announces CTO Departure

Adobe Systems has reported that it beat estimates in its Q1 results. For the quarter, revenue was just over $1 billion, which was higher than the company's previous expectation of $950 million-$1 billion. It was, however, lower than the $1.05 billion of the same period of 2012. Non-GAAP net income totaled $178 million ($0.35 per diluted share), against Q1 2012's $285 million ($0.57).

However, analysts had been expecting a lower top line and EPS, at $985 million and $0.31, respectively.

For the current quarter, Adobe expects revenue of $975 million to $1.03 billion and per-share earnings of $0.29 to $0.35. It anticipates revenue of roughly $4.1 billion and EPS of $1.45.

The company also revealed in a Securities and Exchange Commission filing that Chief Technology Officer Kevin Lynch has resigned from his position, effective March 22.Lynch is to take a job at Apple.

The article Adobe Systems Beats on Q1 EPS, Announces CTO Departure originally appeared on Fool.com.

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