Adobe Shares Soar as Earnings Beat Estimates

Shares of Adobe Systems Inc. surged after the largest maker of desktop publishing and graphics software reported fourth-quarter earnings that topped expectations. It also said first-quarter results will most probably match analyst forecasts. The stock rose $5.73 to close at $43.88 on Nasdaq. Earlier, the stock touched $45, regaining ground lost in the last five trading days. Adobe has surged from $25 in September as technology stocks have rebounded. The San Jose-based company’s profit in the fourth quarter ended Nov. 27, before a gain, rose to $50.3 million, or 76 cents a share. That compares with $46.8 million, or 56 cents, before a gain, in the year-ago period. Analysts expected it to earn 64 cents a share in the most recent quarter, according to First Call Corp.