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Adobe Systems profit misses consensus by 42.3% in fiscal Q3

Adobe Systems Inc. said its normalized net income for the fiscal third quarter ended Aug. 28 was 29 cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

EPS increased 280.1% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $145.4 million, a gain of 278.6% from $38.4 million in the prior-year period.

The normalized profit margin climbed to 11.9% from 3.8% in the year-earlier period.

Total revenue climbed 21.1% on an annual basis to $1.22 billion from $1.01 billion, and total operating expenses grew from the prior-year period to $972.5 million from $931.0 million.

Reported net income increased 276.3% on an annual basis to $172.0 million, or 34 cents per share, from $45.7 million, or 9 cents per share.