Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Connected Government
- Consolidating Mission-critical Systems
- Constituent Servicing
- Continuous Monitoring: Tools and Techniques for Trustworthy Government IT
- The Data Privacy Imperative: Safeguarding Sensitive Data
- Eliminating the Pitfalls: Steps to Virtualization in Government
- Federal Executive Forum
- Federal Tech Talk
- Government Cloud Brokerage: Who, What, When, Where, Why?
- Government Mobility
- Mission-critical Apps in the Cloud
- Mobile Device Management
- The Modern Federal Threat Landscape
- The Path from Legacy Systems
- Understanding the Intersection of Customer Service and Security in the Cloud
Shows & Panels
Ahead of the bell: Adobe
Wednesday - 3/20/2013, 10:00pm EDT
NEW YORK (AP) -- Adobe Systems rose 6 percent before Wednesday's opening bell after the software maker reported strong first-quarter results.
Citi analyst Walter Pritchard backed his "Buy" rating for Adobe, saying that a surprisingly strong bump in subscriptions did not adversely affect the company's top line.
"We believe stock performance from here hinges on the ability to achieve subscription targets," Pritchard wrote.
The company has been shifting its business to a subscription format and said it gained 153,000 Creative Cloud subscriptions over the three months ended March 1, as the pace of new subscriptions increased.
Excluding one-time items, the San Jose, Calif., company earned 35 cents per share, beating Wall Street predictions by 4 cents per share. Revenue fell 4 percent to $1.01 billion, but that still topped analyst expectations.
Jefferies analyst Ross MacMillan was more skeptical, saying that while the company's goals for the second half of the year seem "very achievable," the pace of subscriber growth needs to pick up. He maintained a "Hold" rating on the stock.
Shares of Adobe Systems Inc. rose $2.36 to $43.11 in premarket trading.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.