Things looking up for Adobe

Desktop publishing software pioneer Adobe late yesterday revealed booming sales during the last year and expectations for healthy future growth.

Releasing the figures after the close of trading, Adobe said revenues for the year were up 25 per cent year-on-year to $1.266bn. Net income for the year was a record $287.8m compared to $237.8m last year, up 17 per cent. John Warnock, chairman and chief technical officer of Adobe, said: "This has been a phenomenal year. Based on every measure, Adobe today is in the best position in its history." Bruce Chizen, newly appointed CEO of Adobe, who replaced Warnock yesterday, said: "We are confident we can grow our revenue at least 25 per cent in the first quarter and for the full year of 2001." Analysts have marked down Adobe's shares, which were over $80 in October, as opposed to $57 now, because of fears generated by the slowdown in the publishing industry. But Chizen said: "We continue to see strong growth in the network publishing economy - principally driven by the internet." The company said it will continue to fund R&D to ensure future growth and development.