| Tech Stock News and Analysis |
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| Friday, December 15, 2006 |
Adobe Systems Inc. (NASDAQ ADBE) reported on Thursday that quarterly profit grew 16 percent, meeting forecasts on higher sales of design software, and it reassured investors that new products are on schedule, sending its shares up 6 percent.
Adobe said it was on track to start shipping new versions of its Creative Suite line of 14 design programs at the end of the second quarter. It also announced that a preliminary version of the upgrade of one of its top sellers, Photoshop photo editor, will be available for download on Friday.
Adobe also issued a first-quarter earnings forecast that was generally in line with Wall Street expectations.
Investors had worried that the company's fourth-quarter results might miss forecasts or that its outlook for the current quarter would disappoint as buyers waited for the updated programs due out next year, analysts said.
The programs that are being upgraded include Acrobat document-sharing software, the Illustrator drawing program and Dreamweaver Web site developer.
ADBE shares are up 5.5% to $43.10 in mid day trading on the NASDAQ. |
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