Adobe Systems Inc. today posted its first quarter financial results, beating analysts’ estimates. Adobe reported net income for the quarter of US$54.2 million, or 23 cents per share — Wall Street had expected 22 cents per share. Adobe reported $49.8 million for the same quarter a year ago.
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Adobe said that it would have posted pro forma earnings of $58.9 million, excluding restructuring charges, research and development it acquired and investment gains and losses. Total revenue for the quarter was $296.9 million, up 11 percent for the same quarter a year ago and better even than the company’s expectation; Adobe had anticipated revenue of between $270 to $290 million for the quarter.
Things are looking up for Adobe’s second quarter too. The company’s expecting to post second quarter earnings of between 24 to 27 cents a share, or about $300 to $315 million.
Adobe CEO Bruce Chizen called the results encouraging, especially in light of Adobe’s plans to offer a new version of Acrobat in Q2. “”Our second consecutive quarter of double digit revenue growth is an excellent start to 2003,” said Chizen.