Adobe Systems Inc. (Nasdaq: ADBE) is slumping after-hours Monday following is first-quarter 2012 results, issued after the market closed.

Revenue for Adobe rose 1.7 percent to $1.05 billion, from $1.03 billion in the same period last year. Net income at Adobe slipped 21 percent to $185.21 million, or 37 cents per share. After giving effect to one-time items like restructuring and amortization of intangibles, EPS improved to 57 cents.

Overall, the Street was looking for EPS of 57 cents and revs of $1.05 billion, meaning both reported metrics were right in-line with expectations.

Net margin compressed from 22.8 percent down to 17.7 percent. Gross margin was flat at 89.6 percent

Looking ahead, Adobe sees second-quarter earnings of 57 cents to 61 cents per share and revenue of $1.09 billion to $1.14 billion. The Street was modeling EPS of 60 cents and revs of $1.10 billion.

For fiscal 2012, Adobe expects earnings of $2.37 to $2.48 per share while increasing its sales growth outlook from a range of 4 percent to 6 percent to a range of 6 percent to 8 percent. The Street expects EPS of $2.42.

Shares of Adobe are over 5 percent lower Monday.

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