This article was last updated on April 16, 2022
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Graphic design software giant Adobe System Inc has disclosed that its sales outdid the number of sales predicted by the analyst in the U.S market.
A spokesman of Adobe Inc speaking to the media from California said “Sales will be $1.08 billion to $1.13 billion in the fourth quarter”. The analyst had predicted around $1.07 billion sales. Profits are expected to be 57 cents to 64 cents a share, whereas the analyst had predicted a 58 cent a share profit.
According to Pacific Crest Securities Inc analyst Chad Bartley, These numbers are a sigh of relief for the investors who were worried that the credit crunch will result in weak demand for the adobe products.
He added “There were concerns that the environment was difficult and demand trends were starting to deteriorate,” said Bartley, who has an “outperform” rating on Adobe’s shares. “The guidance looks pretty strong.”
Adobe went through a 20% drop this year before today when in the Nasdaq Stock Market Adobe’s shares jumped from $1.51 to $26.15.
In addition to Flash Adobe is now working on making their products to support the highly popular HTML5 programming language.
Ray Valdes an analyst from Gartner Inc said” The changes could help Adobe’s prospects in the long run, Adobe has gotten the message, they realized the world is changing and they needed to move in the direction of HTML5 and Web standards.
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