Adobe Q2 Beats Street, Q3 Revenue Guidance A Bit Weak (ADBE)

Dan Frommer | June 16, 2008 4:30 PM

/images/shantanu-narayen.jpgA solid second quarter for software maker Adobe: Sales and profits both beat Wall Street's expecations. But the stock inched down 2% after-hours on below-consensus Q3 sales guidance.

Adobe posted $886.9 million of Q2 sales, up 19% year-over-year, and above the Street's $880 million consensus. And Q2 non-GAAP EPS came in at 50 cents per share, up from 37 cents a year ago and above the Street's 46 cents per share consensus. In the release, Adobe CEO Dhantanu Narayen attributed the solid results to "product mix" and "geographic diversity."

For Q3, Adobe expects to post revenues between $855-885 million; the $870 midpoint is below the Street's $878 million consensus. Its profit forecast, however, is solid: 45-47 cents per share, compared to the Street's 45 cents per share consensus.

We'll tune into Adobe's call at 5 p.m., listening for any commentary on corporate IT spending and any progress updates on getting Adobe's Flash animation and video software on Apple's (AAPL) iPhone.

See Also:
iPhone 3G No-Shows: Adobe Flash, Video Recording, Copy And Paste
Adobe CEO Narayen's Six-Month Review: Thumbs Up
Adobe Finally Takes On Apple, Google In Mobile

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We all know what happens here.

Shares trade a bit lower. Shares open a bit lower. End the day higher and over the next several days gain 10-15%. Been there, seen this, several times. Ho hum. Making a profit on Adobe. Just hang in there chaps.
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