Adobe Systems Inc. today announced the financial results of their third quarter, which ended on August 31, 2001. The company said that while it reported a profit, it fell short of its original revenue targets for the quarter.
Adobe reported Q3 revenue of $292.1 million, a $36.8 million decline for the same quarter last year. Net income was $40.3 million for the quarter, down $38 million year over year. The company reported pro forma diluted earnings of $0.28 per share, $0.16 after non-operating gains and losses.
Adobe president and CEO Bruce R. Chizen pointed to his company’s Acrobat products as a significant revenue generator. Chizen said that Acrobat product revenue grew 45 percent year-over-year. “We once again demonstrated our ability to control expenses and deliver solid bottom line results in a difficult environment where we do not see any near-term improvement,” said Chizen.
Adobe blamed most of its woes on what it called “a significant decline” in revenue from the Japanese market. Senior Vice President and CTO Murray J. Demo said that the company is targeting Q4 2001 revenue in the vicinity of $310-$320 million as a result of the weakness in Japan. Demo also suggested that the company has not yet considered what impact last week’s tragic events might have on Q4 business, either.