By editorial@silicon.com, 16 March 2001 17:35
NEWS Despite this, the desktop publishing software developer lowered revenue estimates for the second quarter as it emerged that co-founder John Warnock was retiring, causing a mixed reaction on Nasdaq as its shares dropped $1.06 to $25 at close on Thursday before the price ricocheted up to $27.25 during after hours trading. At the time of writing Adobe's shares were up 15 per cent at $28.75 For the first quarter ended 2 March, Adobe reported turnover of $329m and profits of $69.8m, an increase of 33 per cent on the same period last year. Analysts had predicted the company would earn 28 cents per share, however, earnings per share came in at 33 cents per share. However, Adobe revealed it expected second quarter revenue to drop 15 per cent from $300.1m in the comparable period last year, citing a "challenging and uncertain economic environment" as the main contributing factor. Warnock will remain at Adobe as a co-chairman of the board.
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