Adobe Systems Warns of Lower Earnings for the Year
Press release from the issuing company
SAN JOSE, Calif.--July 30, 2001- Adobe Systems Incorporated today is providing its regular intra-quarter business update for its third quarter in fiscal 2001, which ends August 31, 2001.
With five weeks remaining in the quarter, Adobe announced that it is on track to meet its pro forma earnings target. The Company also stated that its revenue outlook of flat year-over-year growth could be affected due to weaker than expected economic conditions impacting all of its product segments.
In summarizing its geographic performance to date, Adobe stated that U.S. revenue in June was solid, but was weaker than expected in July. In Asia, although Adobe had previously anticipated a slow-down in the third quarter, Japanese revenue in July decreased further than the Company's reduced expectations. In contrast, Adobe stated that Europe revenue stabilized during the first two months of the Company's third quarter since the slow-down in Europe began in April.
"Despite the global economic conditions and its potential effect on our Q3 revenue, Adobe is on track to meet its bottom line target for the quarter,'' said Bruce R. Chizen, president and chief executive officer of Adobe. "This is a testament to Adobe's continued focus on operations and expense management.''
The Company plans to report its third quarter fiscal 2001 results on September 13, 2001 after the market closes.
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