Adobe has reported record revenue for its second quarter 2005 and seen earnings jump 37 per cent.
Adobe beat its revenue target of $475 to $495 million achieving revenue of $496 million in the second quarter of fiscal 2005. This compares to $410.1 million for the second quarter of fiscal 2004, and $472.9 million in the first quarter of fiscal 2005, and is a 21 per cent revenue growth year-on-year.
The company earned $142.9 million in the period.
Adobe's revenue targets for the third quarter of fiscal 2005 are $470 to $490 million.
CEO Bruce Chizen said: "Adobe’s performance in Q2 reflects our third consecutive quarter of record revenue, demonstrating continued execution against our strategy. Our planned acquisition of Macromedia will further enhance our ability to deliver an industry-defining technology platform and enable us to offer a wider range of solutions to customers and industries around the world."
Adobe has also provided an update on its acquisition of Macromedia. It claims that the integration planning process between the two companies is well underway and still anticipates that the acquisition will close at the end of 2005.
The company also reveals that on June 13, 2005 a stockholder derivative complaint was filed by a purported Adobe stockholder in the Superior Court of the State of California for the County of Santa Clara. The complaint alleges breach of fiduciary duty in connection with Adobe's plan to acquire Macromedia in light of Macromedia's recent restatement of its financial results for its fiscal years 1999-2004.
In a statement Adobe says: "Adobe management believes the complaint is without merit and intends to defend the matter vigorously."