Adobe Systems Inc. (Nasdaq: ADBE) is rising in early trading, on the strength of a strong fiscal fourth quarter earnings report the company released yesterday after closing.
Shares are up about 6.1 percent as of 9:45 a.m. (EDT)
Adobe posted its first billion-dollar quarter in revenue, a record for the company and also swung to a profit as all major segments of the business performed very well.
For the quarter ended December 3, the company posted profit of $268.9 million, or $0.53 per share, from a year-earlier loss of $32 million, or $0.06 per share. Revenue soared 33 percent to $1.01 billion.
Excluding items such as stock-based compensation and income-tax adjustments, earnings rose to $0.56 from $0.39.
We are one of the most diversified software companies in the world and are entering 2011 with strong momentum, said Adobe’s president and chief executive Shantanu Narayen.
The company has endured a difficult year, however, with shares dropping more than 20 percent year-to-date.