San Jose, California-based Adobe Systems Inc. on Thursday reported financial results for the company’s fiscal fourth quarter and year-end 2003. The financial picture looks good for Adobe as the company doubled its quarterly profit, and posted higher than expected fourth quarter and record year-end revenue numbers.
Profit for the fourth quarter doubled over last year as Adobe posted $83.3 million or $0.34 per share, compared to $40.1 million reported in the fourth quarter of fiscal 2002.
Analysts polled by research firm Thomson/First Call expected Adobe to report profit of $0.32 per share.
Beating its revenue target range of $US330 to $350 million for the fourth quarter, Adobe recorded revenue of $358.6 million. This compares to $294.7 million reported for the fourth quarter of fiscal 2002 and $319.1 million reported in the third quarter of fiscal 2003.
For fiscal 2003, Adobe said that annual revenue grew by 11 percent as the company reported record revenue of $1.295 billion, compared to $1.165 billion in fiscal 2002.