Adobe Rises as Profit Tops Estimates on Web-Software Push
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Adobe Systems Inc. rose to the highest price since 2008 after reporting sales and profit that exceeded analysts’ estimates as more customers flocked to online versions of the company’s graphic-design software.
Sales for the fiscal first-quarter, which ended March 1, were $1.01 billion, San Jose, California-based Adobe said in a statement yesterday. That topped the average $985.8 million projection, according to analysts’ estimates compiled by Bloomberg. Profit excluding some items was 35 cents a share, beating an average prediction for 31 cents.