Adobe reports first billion dollar quarter

Software vendor Adobe has exceeded Wall Street's expectations and reported its first ever billion dollar quarter, making sales of $1,008bn (£651.4m) during its fiscal Q4 -which closed on 3 December - up 33% on this time last year. The firm posted GAAP net income of $268.9m, reversing a year ag

Software vendor Adobe has exceeded Wall Street's expectations and reported its first ever billion dollar quarter, making sales of $1,008bn (£651.4m) during its fiscal Q4 - which closed on 3 December -  up 33% on this time last year.

The firm posted GAAP net income of $268.9m, reversing a year ago loss of $32m, and up from $230m in the third quarter.

For the full year, revenues hit a new record high of $3.8bn, while net income was up to $774.7m.

A bullish Shantanu Narayen, Adobe president and CEO, praised an "outstanding performance across all of our major businesses".

"We are one of the most diversified software companies in the world and are entering 2011 with strong momentum," he said.

Narayen played up the importance of Adobe's Flash product to the online market, rattling the sabre at Apple's Steve Jobs, who put the boot into the product earlier this year.

The firm is targeting Q1 sales of between $1bn and $1.05bn, and hopes to make operating margins of around 29%.

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