SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Adobe Systems Inc. (ADBE) on Thursday reported fiscal first-quarter earnings of $1.89 billion.
On a per-share basis, the San Jose, California-based company said it had profit of $4.60. Earnings, adjusted for one-time gains and costs, came to $6.06 per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $5.88 per share.
The software maker posted revenue of $6.4 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $6.28 billion.
For the current quarter ending in May, Adobe expects its per-share earnings to range from $5.80 to $5.85.
The company said it expects revenue in the range of $6.43 billion to $6.48 billion for the fiscal second quarter.
Adobe shares have declined 23% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $269.91, a decline of 38% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADBE at https://www.zacks.com/ap/ADBE