Adobe Systems Inc. is raking in the cash as it reported today that its third-quarter profit more than doubled last year's, setting a revenue record and easily exceeding Wall Street's already bullish expectations as the software company comes off its biggest-ever product launch. Net income for the three months ending August 31 was $205.2 million, or 34 cents a share, surging a whopping 117% from $94.4 million, or 16 cents a share, in the same quarter of last year. Third-quarter sales were a record $851.7 million, up 41% from $602.2 million in the third quarter of 2006.
Excluding costs for expenses, such as stock-based compensation and restructuring charges related to the December 2005 acquisition of Macromedia Inc., profit was $269.4 million, or 45 cents per share, compared with $171.5 million, or 29 cents per share, in the year-ago quarter. Analysts were expecting Adobe to earn $246.6 million, or 40 cents per share, on revenue of $789.3 million, according to a Thomson Financial survey.
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