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Adobe Systems profit misses consensus by 50.8% in fiscal Q2

Adobe Systems Inc. said its normalized net income for the fiscal second quarter ended May 29 was 22 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS increased 51.6% year over year from 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $112.6 million, an increase of 51.3% from $74.4 million in the year-earlier period.

The normalized profit margin increased to 9.7% from 7.0% in the year-earlier period.

Total revenue increased 8.8% on an annual basis to $1.16 billion from $1.07 billion, and total operating expenses increased from the prior-year period to $968.5 million from $933.3 million.

Reported net income grew 70.2% on an annual basis to $146.6 million, or 29 cents per share, from $86.1 million, or 17 cents per share.