Adobe Systems posts record 2nd quarter earnings

Adobe Photoshop Creative Suit 5

Adobe Photoshop Creative Suit 5

Adobe Systems, the maker of the popular Internet platform Flash, announced [PDF] earnings for the second quarter of 2010 late this afternoon.

The company posted record quarterly earnings, posting total revenue of $943-million for the period ended June 14. Total revenue in the period compares to $704.7-million in the same period of the last fiscal year.

The actual earnings beat internal company forecasts of revenue between $875-million and $925-million.

Adobe president and CEO Narayen said today the strong earnings can be attributed to strong sales of Creative Suite 5.

Operating income in Q2 2010 was $227,285, compared to $161,353 in the first quarter ended May 29 of 2010.

Despite the massive increase in revenue, net income was $148,611, compared to $126,730 in Q1 2010 (figures in thousands).

The company also confirmed its Board of Directors approved the repurchase of up to $1.6-billion in common stock through 2012 to help fuel future company growth.

The company says it expects total revenue to be anywhere between $950-million to $1-billion in the next quarter of 2010.

Adobe also said today version 10.1 of Flash for mobile was released today to device-makers who will bundle the software together with upcoming devices, including BlackBerry, Nokia Symbian, and Google Android powered mobile devices.

Adobe says this is the first full version of Flash for mobile devices that will converge desktop Flash experiences with that of smaller mobile devices.

Adobe previously announced it expects its popular Flash platform to be installed on more than 200-million mobile devices by 2012, despite Apple banning the platform from its hugely successful mobile products, including the new Apple iPad and the new iPhone 4 that is slated for launch in the next couple of days.

Apple today announced it has sold 3-million iPad devices, only 80 days after the iPad launched.

Strong demand is also expected for iPhone 4, that will be released officially on June 24, although some consumers have already received their pre-ordered devices today.

The Adobe stock (NASDAQ:ADBE) is trading down by almost 2-percent in after hours trading to $32.74 per share.


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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to peggy@business2press.com
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