Adobe profits plummet

NEWS Adobe Systems saw its profit drop by 49 per cent in delayed third quarter results today and issued a profit warning for the next quarter. For the quarter ending August 31 revenue was $292.1m, down from $328.9m for the same quarter last year. Profit, including amortization expenses was $40.3m, or 16 cents a share, missing analyst expectations of 28 cents a share. However, excluding amortization costs, profit stood at $96.4m, meeting analyst original forecasts. The company warned that it expected further decline in the next quarter as economic downturn, and weak sales in Japan continued. Fourth quarter results are now predicted to be about $310m, reduced from an earlier estimate of $352m.