Adobe Systems (NASDAQ:ADBE) has reported that it beat estimates in its Q1 results. For the quarter, revenue was just over $1 billion, which was higher than the company's previous expectation of $950 million-$1 billion. It was, however, lower than the $1.05 billion of the same period of 2012. Non-GAAP net income totaled $178 million ($0.35 per diluted share), against Q1 2012's $285 million ($0.57).
However, analysts had been expecting a lower top line and EPS, at $985 million and $0.31, respectively.
For the current quarter, Adobe expects revenue of $975 million to $1.03 billion and per-share earnings of $0.29 to $0.35. It anticipates revenue of roughly $4.1 billion and EPS of $1.45.
The company also revealed in a Securities and Exchange Commission filing that Chief Technology Officer Kevin Lynch has resigned from his position, effective March 22.Lynch is to take a job at Apple.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Adobe Systems and Apple and owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.