By Will Sturgeon, 15 March 2002 08:03
NEWS Adobe has put Wall Street's finest in their place by reporting profits of $49.8m - or 20 cents per share - for the quarter ending 1 March. Although the company beat analysts' estimates the results are still down on the comparable quarter in 2001 when it reported profits of $69.8m. However, the latest figures show the software developer weathering the downturn, with revenues of $267.9m - down 19 per cent from $329m. Adobe's shares rose 17 cents to $36.76 in after-hours trading. For the coming quarter Adobe estimates earning of between 24 and 27 cents per share - compared to analysts' forecasts of 25 cents - the trick will be beating them for a second consecutive quarter.
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