Adobe Q4 rev forecast misses: Wall Street

SAN FRANSICO: Adobe Systems Inc reported better-than-expected third-quarter results but set a revenue forecast for its fourth quarter that was below Wall Street's target, and the software maker's shares fell more than 13 percent after-hours.

Adobe on Tuesday said net income rose to $230.1 million, or 44 cents a share, for the fiscal third quarter ended Sept. 3, from $136 million, or 26 cents a share, in the year-ago period.

Excluding items, Adobe earned 54 cents a share, better than the average Wall Street estimate of 49 cents a share.

Revenue rose 42 percent to $990.3 million, just ahead of Wall Street's target of $985 million.

For the current quarter, Adobe forecast earnings excluding items of 48 cents to 54 cents a share on revenue of $950 million to $1 billion.

Analysts are expecting a profit of 53 cents a share on revenue of $1.03 billion.

Shares of Adobe closed at $32.94 on the Nasdaq and fell to $28.60 in extended trading.