Adobe’s earnings for the first quarter of 2011 were a mixed bag. The company met earnings expectations and revenue increased, but net income continued to fall.
Adobe reported revenue of $1.05 billion, up from $1.03 billion during the same period last year, as well as earnings per share (on a non-GAAP basis) of 57 cents, meeting analyst estimates. Operating income declined to $387 million (from $400 million), and net income fell to $285 million (from $298 million).
The earnings included $9.6 million in revenue from the acquisition of digital marketing company Efficient Frontier, which closed in January.
“Our strategy is to be the leader in Digital Media and Digital Marketing,” President and CEO Shantanu Narayen said in the earnings press release. “With the upcoming release of our Creative Suite and Creative Cloud offerings, and with the momentum we have in Digital Marketing, we remain confident about our ability to drive strong revenue and earnings growth.”
As of 4:59pm Eastern Time, Adobe’s stock has fallen 5.13 percent in after hours trading.
Shantanu Narayen is president and chief executive officer of Adobe, one of the world’s largest and most diversified software companies. Narayen’s leadership, technology insight and operational expertise have strengthened Adobe’s culture of innovation, expanded the company into new markets, and extended its product portfolio and global reach. In 2005, Narayen co-led the $3.4 billion acquisition of Macromedia, expanding Adobe’s software platform and solutions, and strengthening the company’s presence in key markets ranging from enterprises and vertical industries to mobile...
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