Tom Reese/Paul Rubillo, Dividend.com
Adobe Systems (ADBE) reported late Tuesday that its fourth quarter revenues rose slightly higher to $915.3 million from $911.2 million last year.
The maker of Photoshop and Acrobat software did reaffirm its first-quarter outlook that it gave several weeks ago. In that previous announcement it did say it would cut 600 jobs, or 8 percent of its work force, because of slower sales.
For the first quarter, management sees 43-47 cents per share, with analysts sitting at 44 cents a share. Revenue is expected to come in between $800-$850 million, with analysts' estimates at $842.4 million.
The Bottom Line
Shares have been cut in half since hitting 52-week highs of $44 a share in May. If the stock does continue to weaken, the next major level of technical support is near the $10 level the shares hit in 2002. We would stay on the sidelines for now regarding this non-dividend paying name.
Adobe Sytems (ADBE) does not currently pay a dividend.
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