Adobe hits $1 billion in revenue
Adobe has posted its first $1 billion quarter in revenue.
The company posted a profit, excluding items, of 56 cents per share for the fourth quarter. That beat the average forecast of 52 cents.
“We posted our first billion dollar quarter and record annual revenue in 2010, driven by outstanding performance across all of our major businesses,” said Shantanu Narayen, president and CEO of Adobe.
Adobe also predicted good news next quarter, saying it would post profits, excluding items, of 54 to 59 cents a share, beating the average analyst forecast of 51 cents, according to Thomson Reuters.
It also projected revenue of $1 billion to $1.05 billion, ahead of the average forecast of $992 million.
That forecast marked a sharp contrast to the one issued three months ago, when problems in key markets in Japan and the US educational sector caused Adobe to warn that revenue would fall short of expectations.
Sales at Adobe’s creative solutions business, which includes its flagship software package Creative Suite 5, declined to $542 million in the fourth quarter from $550 million in the third quarter.