Adobe has met its revised revenue and earnings targets for its third quarter 2002.
The company achieved revenues of $285 million, compared to $292 million in the year-ago third quarter.
Adobe had issued revised targets of between $270-$290 million for the current quarter. Net income was $47.2 million for the third quarter of 2002; $6.9 million up from the $40.3 million reported in the year ago quarter.
Adobe president and CEO Bruce Chizen welcomed the news: "I’m encouraged that, despite a challenging economic environment, we are planning for growth in the fourth quarter."
The company initially predicted revenues of between $300-$320 million, but revised those targets in August when July sales failed to meet expectations. This was due to weak sales in Europe and Japan, the company explained at that time.
Adobe predicts revenues of between $285-$300 million for its fourth quarter. Its predicted expenses include a 21 per cent-of-revenue expenditure on research and development; 32 per cent spend on sales and marketing; and a 9 per cent spend on general and administrative functions.
Despite the positive news, Adobe shares fell slightly during yesterdays trading, closing at $18.45 from a previous close of $19.18. The stock rallied on the extended trading market, where it closed up at $21.10.