Shares of Adobe Systems Inc. (Nasdaq: ADBE), the top graphics software developer, rose more than 3 percent Thursday despite projecting fiscal fourth-quarter revenue. The company has scheduled major cloud initiatives for next week.
Adobe shares rose $1.09 to $34.29 after reporting third-quarter results that fell below expectations. Net income rose 3 percent to $201.4 million, or 40 cents per share, compared with the year-ago period’s $195.1 million, or 39 cents. Operating income was 58 cents per share, a penny below estimates, on revenue that rose 7 percent to $1.08 billion.
Fourth-quarter revenue will range between $1.075 billion and $1.125 billion, the company said, below the $1.21 billion expected by analysts. Still, analysts at RBC Capital upgraded their rating on Adobe to "outperform" from "sector perform" and boosted their price target to $40 from $34.
So far in 2012, shares of the San Jose, Calif., company have risen more than 19 percent and nearly 37 percent over the past 52 weeks. The company said subscriptions to its cloud-based Creative Cloud suite of applications have reached 200,000 and should continue to rise into the fourth quarter and 2013.