Adobe Rises On Upbeat Earnings

(RTTNews) - Shares of Adobe Inc. (ADBE) are rising more than 7% Friday morning after reporting better-than-expected fourth-quarter earnings.

Profit for the fourth quarter was $1.176 billion or $2.53 per share, lower than 1.233 billion or $2.57 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.675 billion or $3.6 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $3.5 per share.

Quarterly revenue increased 10% year-over-year to $4.525 billion.

Looking forward to the first quarter, the company sees revenue in the range of $4.60 billion- $4.64 billion. Adjusted EPS for the quarter is expected to be in the range of $3.65- $3.70.

Analysts expect the company to report earnings of $3.64 per share on revenue of $4.64 billion for the quarter.

For the full year, Adobe expects revenue in the range of $19.1 billion- $19.3 billion. Adjusted EPS for the year is expected between $15.15 and $15.45.

The consensus estimate for earnings stands at $15.25 per share and for revenue is at$19.37 billion.

ADBE, currently at $351.71, has traded in the range of $274.73-$582.88 in the last 1 year.