Adobe Systems, the maker of Photoshop and Acrobat software, said Wednesday that its earnings in its current quarter would decline or remain flat because customers have adopted the company's new subscription-based model faster than expected.
The company's forecast, which disappointed Wall Street, came as Adobe reported revenue for its third fiscal quarter that was below analysts' expectations.
Adobe projected that its earnings in its fourth fiscal quarter would range from 53 cents to 58 cents a share, excluding onetime items, on revenue of $1.075 billion to $1.125 billion.
That forecast was below analysts' average estimate of earnings of 67 cents a share in the current quarter on revenue of $1.2 billion, according to the equity research firm StarMine, which gives more weight to estimates from analysts with better track records.
These targeted ranges factor in 25,000 additional new Creative Cloud subscriptions in the quarter, the company said Wednesday.
Adobe introduced its Creative Suite 6, which includes Photoshop, Illustrator, InDesign, Flash and Dreamweaver, and the Web-based Creative Cloud products in its second fiscal quarter in an effort to provide a more stable revenue model.
Analysts have expressed concern that the Web-based Creative Cloud subscription service would hurt Adobe's financial growth at least over the short term.
Josh Olson, an analyst at Edward Jones, said Adobe's fourth-quarter earnings and revenue targets indicated that the company's transition to a more stable revenue model was happening faster than anticipated.
"What happens with the subscription model is that revenue is recognized over time, so if adoption is faster there is more of a delay," he said. "The long-term take-away is that it's good thing."
Adobe reported net income for its third fiscal quarter of $201.4 million, or 40 cents a share, compared with $195.1 million, or 39 cents a share, a year earlier. Excluding onetime items, the company said it earned 58 cents a share in the most recent quarter.
Adobe's revenue totaled $1.08 billion in the third quarter, compared with $1.01 billion in the 2011 quarter. Wall Street expected revenue of $1.10 billion. Adobe said its revenue was pulled down by about $9 million because of currency fluctuations.
By BRIAN X. CHEN and NICK WINGFIELD 20 Sep, 2012
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Source: http://www.nytimes.com/2012/09/20/technology/adobe-cuts-forecast-as-users-migrate-online.html?partner=rss&emc=rss
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