Adobe Posts Better than Expected Financial Results in FQ1 2010

Adobe is reporting strong financial results for the first fiscal quarter of 2010 with both revenue and income at higher-than-expected levels. Adobe brought in $858.7 million in FQ1 2010, which ended on March 5 for the company, a significant jump from the previous year, above what analysts expected and above the company's own goals for the quarter.

"In the first quarter of fiscal 2010, Adobe achieved revenue of $858.7 million, compared to $786.4 million reported for the first quarter of fiscal 2009 and $757.3 million reported in the fourth quarter of fiscal 2009. This represents 9 percent year-over-year revenue growth. Adobe’s first quarter revenue target range was $800 to $850 million," the press release announcing the results read. Wall Street expectations were at $827.4 million.

Net income was at $127.2 million in the FQ1 2010, which breaks down to 24 cents per share, below FQ1 2009's $156.4 million, but a significant improvement over the $32.0 million it lost in the previous fiscal quarter. Non-GAAP net income was of $211.7 million, or 40 cents per share, a small increase over the previous quarter, but below what it made in the same period last year. Analysts expected earnings of 37 cents per share.

"Stability in our creative business, combined with strength in our Acrobat and Omniture solutions, helped drive strong financial performance in Q1," Shantanu Narayen, president and CEO of Adobe, said. "The market trends enabling our diverse business remain strong and we are bullish about the upcoming launches of Flash Player and Creative Suite."

Adobe has also put a date on the launch of its Creative Suite 5, arguably Adobe's main bread winner. Adobe CS5 will be launched on April 12, though availability is another matter and you won't be able to buy the software suite at that date. There is now a site counting down the days until Adobe CS5 arrives.