NEW YORK (CNN/Money) - Adobe Systems Inc. Thursday reported sharply lower operating profits for the latest quarter but still managed to beat reduced forecasts on Wall Street.

The maker of graphics software also issued a bullish forecast for the current quarter, pushing its stock higher in after-hours trade.

On a net basis, Adobe's profits improved on a year-over-year basis.

After the close of trading, Adobe said it earned $52.5 million, or 22 cents a share, excluding special charges, on revenue of $285 million for its third quarter ended Aug. 30. Wall Street analysts polled by earnings tracker First Call had forecast profits of 19 cents a share on sales of roughly $276 million.

During last year's fiscal third-quarter, Adobe logged operating earnings of $69.1 million, or 28 cents a share, on revenue of $292.1 million.

Including charges, Adobe's third-quarter net income was $47.2 million, or 19 cents a share, up from $40.3 million, or 16 cents a share.

"I am pleased that Adobe is reporting revenue and earnings at the high end of our revised third quarter targets," Bruce R. Chizen, Adobe's CEO said in a statement. "I am also encouraged that despite a challenging economic environment, we are planning for growth in Q4."

In late July, Adobe lowered its revenue target to a range between $270 million and $290 million from its previous estimate of $300 million to $320 million. It also cut its operating earnings guidance to 18 cents to 23 cents a share from its prior forecast of 24 cents to 27 cents.

The company also provided a more optimistic forecast for the current quarter, pushing its shares more than 12 percent higher in after-hours trade. Adobe's (ADBE: Research, Estimates) stock fell 3.8 percent on Nasdaq ahead of the earnings release.

Looking ahead, Adobe said it is aiming for a fourth-quarter profit ranging between 21 cents and 25 cents per share and revenue between $285 million and $300 million. At last count, the First Call consensus estimate was for a fourth-quarter profit of 22 cents per share on revenue of roughly $285.2 million.