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Adobe cuts outlook on weak Europe demand

Adobe cuts outlook on weak Europe demand

By Reuters | Updated: 20 June 2012 09:53 IST

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Adobe cuts outlook on weak Europe demand

Adobe Systems Inc , maker of Photoshop and Acrobat software, reported a modest fall in quarterly net income, and cut its full-year revenue outlook to reflect weaker demand in Europe.

The company now expects revenue growth of 6 percent to 7 percent, implying full-year revenue of $4.47 billion to 4.51 billion and an adjusted profit of $2.40 to $2.46 per share.

It earlier forecast a profit of $2.38 to $2.48 per share, excluding items, and revenue growth of 6 percent to 8 percent.

Net income for the second quarter fell modestly to $223.9 million, or 45 cents per share, from $229.4 million, or 45 cents per share, a year earlier.

Excluding items, the company earned 60 cents per share.

Revenue rose 10 percent to $1.12 billion.

Analysts expected an adjusted profit of 59 cents per share on revenue of $1.11 billion.

Shares of the company which closed at $32.89 on the Nasdaq on Tuesday fell 4 percent to $31.66 in trading after the bell.

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Further reading: Acrobat, Adobe, Europe, Photoshop