Adobe reports Q1 '98 results
Adobe (San Jose, Nasdaq: ADBE) reports Q1 '98 financial results. Revenue of $197.8 million compares with $226.5 million in Q1 '97. A net income of $26.7 million compares with a Q1 '97 net income of $46.5 million. Application products revenue was down 11% from Q1 '97; Macintosh revenue was down 36%, whereas Windows revenue grew 18%. The slide in revenue was attributed to weak demand in Asia, a decline in Macintosh platform revenue, and a slowdownin North American revenue. Adobe also released no new products this quarter, whereas it released two new versions of Photoshop and PageMaker in Q1 '97. "We anticipated a slowdown in revenue momentum during this period of no new major product releases," said chairman and CEO John Warnock. "This was compounded by external factors in Asia and in the Macintosh market." During the quarter Adobe signed a licensing agreement with IBM (Armonk, NY) and repurchased 3 million shares of its common stock.