Adobe (ADBE) Shares Up 7% on Strong Q4 Results, Q1 Forecast

December 20, 2010 4:24 PM EST Send to a Friend
Adobe Systems Inc. (NASDAQ: ADBE) shars are surging in aftermarket movement on Monday after the company reported better-than-expected fourth-quarter results and guided for the current quarter ahead of the Street.

The software company reported fourth-quarter earnings of 56 cents per share, 4 cents better than the analyst estimate of 53 cents per share.

Revenue for Adobe rose to $1.008 billion in the period from $757.3 million last year, beating the market consensus of $988.07 million. The period market the company's first-ever billion dollar quarter.

“We posted our first billion dollar quarter and record annual revenue in 2010, driven by outstanding performance across all of our major businesses,” said Shantanu Narayen, president and CEO of Adobe. “Adobe is transforming how the world is creating, measuring and delivering digital experiences. We are one of the most diversified software companies in the world and are entering 2011 with strong momentum.”

Looking forward Adobe sees first-quarter sales of $1 billion to $1.05 billion, ahead of the Street's view of $992.19 million.

The company is also looking for first-quarter earnings of 54 cents to 59 cents, higher than the consensus of 51 cents per share.

Shares of Adobe are up 7 percent to $31.25 in aftermarket movement on Monday.


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