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 SAN FRANCISCO (AP) - Adobe Systems Inc., which makes software such as Acrobat for creating digital documents, said Wednesday its first-quarter profit fell 31 percent, due largely to expenses from its acquisition of Macromedia.
Adobe shares dropped nearly 4 percent in aftermarket trading as the company offered a soft income outlook and a revenue target for the current quarter that was below Wall Street's estimates. In December, the company completed its acquisition of Macromedia Inc., a deal that was valued at $3.4 billion with it was announced last April.
Investors "were expecting the combined company was going to create new revenue from being a combined company," said Gene Munster, an analyst with Piper Jaffray. "That's taking longer than people had anticipated."
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