Adobe results beat Street view, shares rise

Reuters News
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Posted: Dec 15, 2011 5:04 PM
Adobe results beat Street view, shares rise

(Reuters) - Software maker Adobe Systems Inc released quarterly results that beat Wall Street projections, sending its shares up 3 percent.

The positive surprise came a month after the company announced plans to lay off 7 percent of its staff as it cut back on investment in some products and halted development of its Flash Player for mobile browsers, surrendering in a long-running war with Apple Inc over emerging Web standards.

The world's biggest maker of design software posted a profit, excluding items, of 67 cents per share for the fourth quarter, which ended December 2. That beat the average forecast of 60 cents. Quarterly revenue rose 14 percent from a year earlier to $1.15 bln, ahead of beat the average forecast of $1.09 billion.

Shares of Adobe closed at $26.46 on Nasdaq and rose 3 percent to $27.26 in extended trading.

(Reporting by Jim Finkle; Editing by Richard Chang)