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Adobe beats Street on 2Q
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June 14, 2001: 5:10 p.m. ET
Company reports earnings of 34 cents per share, foresees weakness in 3Q
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NEW YORK (CNNfn) - Graphic-design software specialists Adobe Systems reported a second- quarter profit that beat expectations, but said it expects weakness experienced in North America and Europe to continue into the third quarter.
After the close of trading, the San Jose, Calif.-based company said it earned $121.5 million, or 34 cents per share, during its fiscal second quarter which ended June 1.
That profit, which excludes amortization of goodwill, restructuring and other charges, compares with a profit of 26 cents per share during the same quarter a year earlier and is 5 cents higher the 29 cents per share the Street generally had expected, according to analysts polled by earnings tracker First Call.
Net income including items fell to $61.3 million, compared with $65.8 million earned in the same period a year ago.
At $344.1 million, Adobe's (ADBE: Research, Estimates) second-quarter revenue rose 15 percent from $300.1 million during the year-ago quarter and edged the $339.7 million analysts had expected, according to the First Call survey.
Adobe said due to expected continued weakness in North America and Europe, and the possibility of a slowdown in Asia, it expects third-quarter year-over-year revenue to be roughly unchanged.
Analysts surveyed by First Call expect Adobe's third-quarter revenue to be $290.94 million, about 11 percent lower than the year-ago period.
"Looking to the fourth quarter, although our visibility remains low, we believe our year-over-year revenue growth will improve as we enter a new major product upgrade cycle," said Murray J. Dem, Adobe CFO, in a statement.
"Given the tough economic environment, I am extremely pleased with Adobe's financial results in the quarter," said Bruce R. Chizen, Adobe president and CEO, in a statement.
Shares of Adobe fell $1.01 to $38 in after-hours trading. 
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Adobe
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