Adobe Getting Squeezed by Lousy Economy - NBC4 Washington

Adobe Getting Squeezed by Lousy Economy



    Adobe Getting Squeezed by Lousy Economy
    Since 1995, Fortune magazine has ranked Adobe as an outstanding place to work.

    In this economy, you don't need a .pdf to get the news flash: Times are tough.

    Even popular software maker Adobe says its fiscal first-quarter profit and sales dropped, squeezed by the economic downturn.

    The company behind the ubiquitous Acrobat and industry-standard Photoshop software slightly beat Wall Street's expectations in earnings, however, after excluding one-time charges.

    Adobe Systems Inc. says it earned $156.4 million, or 30 cents per share in the December-February period. That's down 29 percent from $219.4 million, or 38 cents per share, a year earlier.

    In results reported Tuesday, adjusted earnings are at 45 cents a share in the latest quarter.

    That beats still analysts' estimates by a penny per share, according to a Thomson Reuters poll.

    San Jose, Calif.-based Adobe had warned earlier this month of a sales shortfall. It says its revenue declined 12 percent to $786.4 million.