Adobe Systems Inc, maker of Photoshop and Acrobat software, reported a quarterly profit in line with estimates but missed revenue expectations due to currency effects.<\/p>\n
Net income for the third quarter was $201.3 million, or 58 cents per share, excluding items, as expected by analysts polled by Thomson Reuters I\/B\/E\/S.<\/p>\n
Adobe said on Wednesday that revenue rose slightly to $1.08 billion from a year earlier, but missed Wall Street estimates of $1.10 billion.<\/p>\n
Adobe said the currency hit amounted to about $9 million.<\/p>\n
For the fourth quarter Adobe aims to achieve revenue of $1.075 billion to $1.125 billion and EPS, excluding items, of 53 cents to 58 cents a share.<\/p>\n
These targeted ranges factor in 25,000 additional new Creative Cloud subscriptions in the quarter, the company said.<\/p>\n
Adobe launched its Creative Suite 6 – which includes Photoshop, Illustrator, InDesign, Flash and Dreamweaver – and the Web-based Creative Cloud products in the second quarter.<\/p>\n
Analysts have expressed concern that the Web-based subscription service will hurt Adobe’s financial growth at least over the short term.<\/p>\n
Adobe shares fell 0.7 percent in after hours trading to $32.90, after closing up 1.69 percent at $33.12.<\/p>\n