By Dan Gallagher, MarketWatch
SAN FRANCISCO (MarketWatch) — Adobe Systems Inc. beat Wall Street’s targets for its fiscal fourth quarter thanks to strong demand for the company’s software products.
Shares of Adobe jumped more than 7% in after-hours trading, as the company reported what it described as its first $1 billion quarter. The software maker also issued a forecast that beat Wall Street’s projections
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For the quarter ended Dec. 3, Adobe /zigman2/quotes/200389143/composite ADBE +3.41% said net income was $268.9 million, or 53 cents per share, compared to a net loss of $32 million, or 6 cents a share, for the same period last year.
On a non-GAAP basis, the company said it would have earned $285.7 million, or 56 cents a share, for the recent period.
Revenue grew 33% to $1 billion.
Analysts were expecting earnings of 52 cents per share on revenue of $988 million, according to consensus estimates from FactSet Research.
For the first fiscal quarter, Adobe projected revenue to come in the range of $1 billion to $1.05 billion — ahead of the $991.3 million expected by analysts. Earnings are expected to come in between 54 cents to 59 cents a share on a non-GAAP basis. Analysts were expecting 51 cents a share for the period.