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Adobe Systems profit misses consensus by 48.2% in fiscal Q1

Adobe Systems Inc. said its normalized net income for the fiscal first quarter ended Feb. 27 came to 20 cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS climbed 147.0% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $101.7 million, an increase of 146.6% from $41.2 million in the prior-year period.

The normalized profit margin climbed to 9.2% from 4.1% in the year-earlier period.

Total revenue increased 10.9% year over year to $1.11 billion from $1.00 billion, and total operating expenses climbed year over year to $934.4 million from $920.7 million.

Reported net income rose 88.6% from the prior-year period to $86.3 million, or 17 cents per share, from $45.8 million, or 9 cents per share.