Adobe Systems Inc. (NASDAQ: ADBE) has reported it earnings after the close.  The software maker posted $0.40 net EPS and $0.50 non-GAAP EPS on $886.9 million in revenues, and both were above First Call expectations $0.46 EPS on $880 million in revenues. 

The company guided next quarter to $0.45 to $0.47 non-GAAP EPS with a revenue range of $855 to $885 million.  First Call had estimates of $0.45 EPS on $877.9 million.  Adobe is targeting an operating margin of approximately 29% on a GAAP basis and approximately 38.5% on a non-GAAP basis.

As shares appear to be within the range of fairly valued, traders are selling the news.  Shares closed up 0.3% at $42.85 in regular trading and shares are down about 2% at $42.00 in after-hours trading. 

Jon C. Ogg
June 16, 2008