Flex News Desk
Adobe Hits Record Revenues
It attributed the results to Acrobat, its Creative Suite 3 products and momentum in its enterprise business
Dec. 24, 2007 12:45 PM
Adobe earned $222.2 million, or 38 cents a share, up 21%, on record fourth-quarter revenues of $911.2 million, up 34% year-over-year, exceeding the company's revenue target of $860 million-$890 million.
It attributed the results to Acrobat, its Creative Suite 3 products and momentum in its enterprise business.
Creative Suite 3, which started coming out in April, includes upgrades to Photoshop, Illustrator and software acquired with Macromedia like Flash, Dreamweaver and Fireworks.
On a non-GAAP basis Adobe earned 49 cents in Q4, a penny more than Wall Street expected.
This quarter Adobe is targeting sequentially lower revenue of $855 million-$885 million, a GAAP operating margin of 30%-31%, a non-GAAP operating margin of roughly 40% and earnings of 34 cents-36 cents.
Wall Street had it down for $837 million in revenue.
For fiscal 2008, Adobe reaffirmed that it's targeting annual revenue growth of approximately 13%.
It will be bringing out more upgrades and commercializing AIR tools for writing programs that work on the web.
Adobe is planning to buy back 30 million more shares than the 20 million authorized in April. At the end of November it had bought back 17.7 million shares.
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