Shares of Adobe Systems Inc. (Nasdaq: ADBE), the top graphics software developer, rose more than 1 percent in early Thursday trading despite projecting fiscal fourth-quarter revenue and earnings that fell below expectations. The company has scheduled major cloud initiatives for next week.
Adobe shares rose 38 cents to $33.50 after reporting third-quarter results on Wednesday that fell below expectations. Net income rose 3 percent to $201.4 million, or 40 cents a share, compared with the year-ago period’s $195.1 million, or 39 cents. Operating income was 58 cents a 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.
So far in 2012, shares of the San Jose, Calif.-based company rose more than 17 percent and nearly 30 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.