Adobe's second quarter net profit of 76.5 million US dollars

On the 18th, Adobe announced the financial report for the second quarter of fiscal year 2013 as of May 31st. The financial report shows that, according to non-GAAP statistics, Adobe's net profit was $182.9 million, or 36 cents per share, which was 3 cents higher than the average forecast of analysts surveyed by Thomson Reuters. According to GAAP statistics, Adobe's second-quarter net profit was $76.5 million, or 15 cents per share.

Adobe's second-quarter revenue was $1.01 billion, a decrease of 11% from $1.02 billion in the same period last year. Adobe’s revenue for the second fiscal quarter was in line with the company’s expectations and analysts’ expectations. In the after-hours trading, Adobe stock rose 1.98 US dollars, the transaction price was 45.35 US dollars, an increase of 4.5%.

Adobe's second-quarter operating cash flow was $299.1 million, and cash and short-term investments increased from $3.66 billion in the same period last year to $3.87 billion.

Adobe is transitioning from selling permanent software licenses to subscription models. Adobe's Creative Cloud service offers a $50 monthly subscription fee for the entire year, allowing access to Adobe's full suite of software such as Photoshop, After Effects, Illustrator and the new publishing tools. Perpetual licenses now only offer older versions of Creative Suite 6 products.

Adobe's subscription revenue has been replacing product revenue. Compared with the same period of last year, Adobe’s subscription revenue increased from US$160 million in the same period last year to US$255 million. The product revenue dropped from US$871 million in the same period last year to US$655 million.

Adobe predicts that the current third-quarter revenue is from $9.75 to $1.03 billion, and the adjusted profit is from 29 to 35 cents per share. According to a survey by Thomson Reuters, analysts on average predicted that Adobe’s revenue for the third fiscal quarter was US$1.01 billion and profit was 35 cents per share.