Falling Sales, Poor 2nd Quarter for Adobe
June 16, 2009 by Mark Ellis
Filed under Business
Adobe Systems Inc., the software company renowned for creating programs like Adobe Photoshop and Adobe Acrobat, has released a report revealing its underperformance. In its fiscal second quarter, Adobe suffered a 41 percent decrease in profits and a general fall in sales of its core products.
According to Adobe, the recession is the main culprit, cutting demand for its creative tools in such a way that is to be expected in light of the weak economy. Profit is down from $214.9 million to $126.1 million, while revenue has dropped 21 percent to $704.7 million. These results are mostly in line with analysts’ expectations.
Despite the grim second-quarter results, Adobe remains fairly optimistic that it has already seen the worst of the recession and that revenue should be on the rise. The company hopes that a recovering economy and a strengthening dollar will put more disposable income into potential customers’ pockets.
Image: Flickr
