DOW JONES NEWSWIRES Adobe Systems Inc.'s (ADBE) fiscal fourth-quarter net income grew 11% on higher margins, though Chief Executive Shantanu Narayen warned 2009 is likely to be a challenging year.
Shares jumped 7.5% to $24 in after-hours trading as the results met the company's latest guidance.
For the quarter ended Nov. 28, the design and document software maker reported net income of $245.9 million, or 46 cents a share, up from $222.2 million, or 38 cents a share, a year earlier.
The latest results included a $29.4 million restructuring charge. Excluding stock-based compensation costs, acquisition-related expenses and restructuring charges, earnings rose to 60 cents a share from 49 cents.
Revenue rose 0.4% to $915.3 million.
Earlier this month, Adobe raised its earnings guidance to a range of 59 cents to 60 cents a share but cut its revenue forecast to between $912 million and $915 million.
Gross margin rose to 90.6% from 89.2%.
Products revenue slid 0.9%, while revenue from services and support jumped 31%.
Earlier this month, Adobe said it would lay off about 600 employees, or about 8% of its work force, so the company could focus on its growing online video and Internet-software business.
Adobe released its Creative Suite 4 package, which includes widely used software such as Photoshop and Illustrator, in September, but customers haven't upgraded at the same rate as for past releases. Creative Suite 4, which provides about 60% of Adobe's revenue, is used by graphic designers, media and advertising layout professionals, animators and Web content makers, all in industries that have been hurt by the ongoing global slowdown.
Adobe also makes Acrobat software and Flash Player, and the company has started moving into enterprise software, with its LiveCycle products, which allow online forms to be processed automatically.
Looking ahead, Adobe backed its fiscal first-quarter revenue forecast issued earlier this month of $800 million to $850 million and it predicted earnings of 43 cents to 47 cents a share. Analysts' latest estimates were for earnings of 44 cents a share on revenue of $842.4 million.
Adobe's stock price has fallen 48% since its 52-week high of $46.44 in August.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com
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Publié le 16 Décembre 2008 Copyright © 2008 Dowjones