Adobe Profit Plummets 31% on Acquisition Costs
From the Associated Press
Software maker Adobe Systems Inc. said its first-quarter profit fell 31%, a drop it blamed largely on expenses stemming from its acquisition of Macromedia Inc.
Net income for the quarter ended March 3 was $105.1 million, or 17 cents a share, down from $151.9 million, or 30 cents, in the same period last year. Revenue rose to $655.5 million, up 39% from $472.9 million.
Adobe also offered a soft income outlook and a revenue target for the current quarter that was below Wall Street estimates.
