Adobe Getting Squeezed by Lousy Economy

In this economy, you don't need a .pdf to get the news flash: Times are tough.

Even popular software maker Adobe says its fiscal first-quarter profit and sales dropped, squeezed by the economic downturn.

The company behind the ubiquitous Acrobat and industry-standard Photoshop software slightly beat Wall Street's expectations in earnings, however, after excluding one-time charges.

Adobe Systems Inc. says it earned $156.4 million, or 30 cents per share in the December-February period. That's down 29 percent from $219.4 million, or 38 cents per share, a year earlier.

In results reported Tuesday, adjusted earnings are at 45 cents a share in the latest quarter.

That beats still analysts' estimates by a penny per share, according to a Thomson Reuters poll.

San Jose, Calif.-based Adobe had warned earlier this month of a sales shortfall. It says its revenue declined 12 percent to $786.4 million.

Copyright AP - Associated Press
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