Adobe this afternoon reported a first quarter net profit of US$49.8 million, down 29 percent from the year-ago quarter, on revenues of $267.9 million, a decline of 19 percent. The earnings were in line with revised expectations. Adobe attributed the “solid” quarter to a 20 percent year-over-year increase in sales of Acrobat, the company’s leading PDF software. Adobe said it will refrain from announcing estimates for the coming quarter until it has a better idea as to what the demand for the new version of Photoshop will be, expected to ship next month. Sales of Photoshop account for 40 percent of the company’s revenue.