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SOFTWARE INDUSTRY NEWS |
Adobe posts 2010 first quarter financial results |
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Adobe Systems has reported its financial results for the first quarter of fiscal year 2010 ended March 5, 2010. In the first quarter of fiscal 2010, Adobe achieved revenues of $858.7 million, as compared to $786.4 million reported a year ago for the first quarter of fiscal 2009 and $757.3 million reported in the fourth quarter of fiscal 2009. This represents nine percent year-over-year revenue growth. Adobe pointed out that its first quarter revenue target range was $800 to $850 million. Adobe’s GAAP diluted earnings per share for the quarter were $0.24, based on 532.6 million weighted average shares, as compared to diluted earnings per share of $0.30 during the first quarter of the last fiscal, based on 527.8 million weighted average shares. Adobe had reported a diluted loss per share of $0.06 during the fourth quarter of fiscal 2009 based on 532 million weighted average shares.  The company's operating income was $176.8 million during Q1 of 2010, as against $207.9 million during Q1 of 2009 and $153.6 million in Q4 of 2009. As a percent of revenue, operating income during the first quarter was 20.6 percent, as compared to 26.4 percent in corresponding period in fiscal 2009 and 20.3 percent in the fourth quarter of fiscal 2009. Net income was $127.2 million for the first quarter of fiscal 2010, as compared to net income of $156.4 million in the first quarter of fiscal 2009 and a net loss of $32 million in the fourth quarter of fiscal 2009. Shantanu Narayen, president and CEO of Adobe said, “Stability in our creative business, combined with strength in our Acrobat and Omniture solutions, helped drive strong financial performance in Q1.” He said market trends are strong and the company is bullish about the upcoming launches of Flash Player and Creative Suite. Second Quarter Fiscal 2010 Financial Targets For the second quarter of fiscal 2010, Adobe said that it is targeting revenue in the range of $875 million to $925 million. It is looking at an operating margin between 21 percent to 24.5 percent, and is looking at its share count to be between 531 million and 535 million shares. It said it would try and achieve non-operating expense between $16 million and $18 million, and expects its tax rate to be around 25 percent. Adobe said these targets would bring the Q2 2010 range of diluted earnings per share between $0.23 and $0.30. |
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