Adobe’s second-quarter earnings for 2002 beat analysts’ expectations, but were down from the year-ago period. Spending cuts have created an economic malaise affecting the company’s results.
The software company said that revenue for the three months was $317.4 million – down about eight per cent from $344.1 million a year ago.
For the three months ending May 31 2002, Adobe earned $54.3 million – or 22 cents a share. In the same period last year, Adobe had net income of $61.3 million, or 25 cents a share.
Adobe president and chief executive, Bruce Chizen, said: “The company expects year-on-year growth in the second half of 2002, though it appears that sales for the current quarter will be weaker than expected.
“Our overall performance continues to be impacted by the sluggish global economy, and reduced technology spending.”
Chizen went on: “Despite a continuing soft economy, we had a solid quarter with a strong release of Photoshop.”
For the current quarter, Adobe said that it is targeting revenue of $300 million to $320 million, and earnings-per-share of 24 cents to 27 cents.