Adobe misses estimates as revenues decline sharply

Adobe today posted a fourth quarter profit of US$34.3 million, down more than half from the year-ago quarter, when the company posted a profit of $79.2 million. Revenues declined from US$355.2 million in the year-ago quarter to $264.5 million. The earnings narrowly missed revised expectations; Adobe had warned in October that the events of September 11 coupled with the weak economy would adversely affect its bottom line. Shares of Adobe were halted for evening trading following the earnings. Read More