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ADBE

Adobe Systems Incorporated

6/19/2013, 3:56 PM ET

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Wednesday, June 19, 10:23 AM BofA/Merrill upgrades Adobe (ADBE +6.1%) to Buy in the wake of its FQ2 EPS beat and strong Creative Cloud adds: the firm is upbeat about CC into 2015, and sees Adobe converting much of its Creative Suite base. Jefferies notes CC net adds of 221K beat a consensus of ~185K. Mentioned on the earnings call: the majority of paid CC subs are individual members; Adobe is evaluating new options for CC pricing (previous); "targeted promotions" could hurt CC ARPU in the near-term; and Adobe thinks its infrastructure and analytics tools will allow Marketing Cloud to remain differentiated in the face of new competition. Ad software rival Marketo (MKTO +10.1%) is in sympathy. Comment! [Tech, Earnings, On the Move]
Wednesday, June 19, 9:05 AM Premarket gainers: ADBE +7%. UNXL +7%. CYTK +7%. SRPT +7%.
Losers: OSH -46%. VNDA -16%. Comment! [On the Move]
Tuesday, June 18, 5:48 PM After-hours top gainers, as of 5:15 p.m.: CO +6%. ADBE +4%. OPK +3%. MY +3%. GEVO +2%.
After-hours top losers: TTEK -12%. POOL -7%. MGI -5%. AAWW -4%. CROX -3%. 1 Comment [On the Move]
Tuesday, June 18, 4:43 PM A little more on Adobe: Marketing Cloud bookings +25% Y/Y. 26% of Digital Marketing transactions now mobile (25% in FQ1). 42% of Adobe's (ADBE) Document Services (Acrobat) revenue subscription-based; 1M+ paid subs. 3.9M shares repurchased. R&D spend +12% Y/Y to $203M, sales/marketing spend +4% to $402M. Company on track to reach goal of 1.25M Creative Cloud subs by end of FY13; 93% of CC subs on annual (rather than monthly) plans. Deferred revenue -1% Q/Q to $691.3M. 35% of company's revenue recurring at end of FQ2, up from 31% at end of FQ1. (PR) Comment! [Tech, Earnings]
Tuesday, June 18, 4:35 PM More on Adobe: FQ3 guidance is for revenue of $975M-$1.025B and EPS of $0.29-$0.35, vs. consensus of $1.01B and $0.35. FY13 guidance is for revenue of $4.1B and EPS of $1.45 vs. consensus of $4.11B and $1.44. Paid Creative Cloud subs +221K Q/Q to 700K in FQ2, better than FQ1's +153K. CC annual recurring revenue +$123M Q/Q to $356M (rose $80M in FQ1), 81% of subs use full suite. Digital Media revenue -18% Y/Y to $670M (shift to subscriptions), Digital Marketing (Omniture, AdLens) revenue +11% to $285M. ADBE +3.9% AH, CC at 5PM ET (webcast). (slides) (datasheet) (prepared remarks) (PR) Comment! [Tech, Earnings, On the Move]
Tuesday, June 18, 4:06 PM Adobe Systems (ADBE): FQ2 EPS of $0.36 beats by $0.02. Revenue of $1.011B in-line. (PR) 1 Comment [Earnings, Breaking News, Tech]
Tuesday, June 18, 2:37 PM Ahead of this afternoon's FQ2 report, Adobe (ADBE +0.3%) has sent out a survey to customers asking whether they'd be interested in paying $30/month for Creative Cloud, or $10/month for the Photoshop app, for 3 years, after which they'd get a permanent copy of Creative Suite 6. Those prices are more aggressive than the $50/month and $20/month Adobe currently charges (some discounts are available), and suggest it's trying to address a backlash caused by its decision to abandon CS license sales in favor of CC subscriptions. The survey comes as Adobe rolls out a Creative Cloud update; it includes cloud file-syncing, Behance integration, and a blur-removal tool. Comment! [Tech]
Tuesday, June 18, 12:10 AM Notable earnings after Tuesday’s close: ADBE Comment! [Earnings]
Monday, June 17, 5:35 PM Notable earnings after Tuesday’s close: ADBE Comment! [Earnings]
Friday, June 7, 5:30 PM After-hours top gainers, as of 5:15 p.m.: EQIS +6%. GFA +5%. VWO +4%. DLR +3%. HILL +2%.
After-hours top losers: MIND -16%. UAL -7%. SQNM -4%. PBI -3%. ADBE -3%. Comment! [On the Move]
Tuesday, May 28, 1:43 PM Adobe (ADBE +1%) has acquired Ideacodes, a consulting firm focused on design/UI work for "smart applications, digital products and networked communities. The Ideacodes team will be added to Adobe's Creative Cloud unit, which the media/publishing software leader is now completely betting its future on. Comment! [Tech, M&A]
Thursday, May 16, 11:45 AM Facebook (FB -1.5%) is down 3.6% over the last 2 days, possibly thanks to concerns about a revamped Google+. The latest update to Google's (GOOG) oft-mocked social networking platform brings a card-based UI and (more importantly) heavy use of Google's server farms to automatically enhance/modify images and add tags and links to uploaded content. The imaging tricks include the ability to automatically create animated GIFs and HDR shots, and even adjust skin tone and contrast - some think this also poses a challenge to Adobe (ADBE). But Facebook, the 800-lb. gorilla of online photo-sharing, still has unmatched network effects, and has been willing to borrow ideas from Google+ Comment! [Tech]
Friday, May 10, 4:37 PM Marin Software (MRIN -12.7%) has fallen 30% since posting a Q1 beat; shares are now down 29% from March's $14 IPO price. Marin forecast Q2 revenue of $17.6M-$18M and EPS of -$0.31 to -$0.33 vs. a consensus of $17.8M and -$0.33, and 2013 revenue of $75M-$76.2M and EPS of -$1.19 to -$1.16 vs. a consensus of $74.4M and -$1.20. Aggressive spending is yielding big losses: Marin's opex rose 38% Y/Y in Q1 to $19.6M, above rev. growth of 32%. On the earnings call, a UBS analyst raised questions about new deal activity slowing Y/Y, and Q/Q rev. growth slowing markedly from a year ago. Adobe (ADBE), whose AdLens unit (formerly Efficient Frontier) is a major rival of Marin's, fell 3% yesterday. Comment! [Tech, On the Move, Earnings]
Monday, May 6, 6:27 PM In addition to putting an end to Creative Suite development, Adobe (ADBE) is killing off its Fireworks Web graphics design/prototyping tool. On the other hand, Adobe is doubling down on mobile (previous) by launching Project Mighty, a pressure-sensitive drawing stylus for tablets, and Napoleon, a digital ruler/guide. Also being shown off is Project Context, a giant touchscreen-based system aimed (for now) at magazine design. 1 Comment [Tech]
Monday, May 6, 1:15 PM Adobe (ADBE -0.7%) won't be releasing new versions of its locally-installed Creative Suite, the company states ahead of a 5:30PM ET analyst meeting (webcast). With this move, Adobe is completely hitching the future of its core media software business on Creative Cloud, whose prices range from $20/month/user for a single app to $70/month/user for the team version of the entire suite (discounts exist for CS clients). Adobe's paid Creative Cloud base rose by 153K in the Feb. quarter to 479K; updated apps are due in June. Cutting down on widespread piracy may have factored into Adobe's decision. Also: Adobe is reaffirming its FQ2 and FY13 guidance. Comment! [Tech]
Friday, May 3, 7:03 PM Adobe (ADBE) wants to turn tablets into serious photo-editing tools: the media software giant is working on an app that would bear a strong resemblance to its popular and feature-rich Lightroom PC software. Support for raw photo formats and cloud syncing are said to be part of the package. Adobe already offers its Photoshop Express (free) and Touch ($9.99) apps for the iPad, but their feature sets pale in comparison to Lightroom's (never mind regular Photoshop's). 1 Comment [Tech]

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