Adobe To Release Earnings at 4:00 PM EST (NASDAQ: ADBE)
Adobe Photoshop was invented by Thomas Knoll, a University of Michigan PhD student. During his stay at the University, he wrote a program for his Macintosh Plus to display grayscale images on a monochrome display. His brother, John later encouraged him to take a brief respite from school and write a full-fledged image editing program. Thus, Photoshop was born and was presented in Silicon Valley by John Knoll to both Apple and Adobe. Adobe decided to purchase the program in September of 1998. Photoshop 1.0 was released in 1990 exclusively for the Macintosh subsequently, 13 new versions of Adobe Photoshop have been released over the past 20 years. Version 2.5 was available was the first available for windows, and the newest version CS5 was released on May25th 2010.
The company has established itself as the best in breed in digital image editing, becoming synonymous with the action itself. Just as Kleenex is to tissues, Photoshop is to digital editing. When people see an unreal photo, the expression is "That's Photoshopped."
Adobe is also the proprietary owner of Flash, bought from Macromedia, Adobe Flash utilizes vector and raster graphics to provide animation, video and interactivity to web pages. Flash has also become a staple on the internet, providing a language for developers to create popular games and creative web pages. In a recent press debacle, Flash has come under fire by rockstar CEO Steve Jobs after many complained of incompatibility between Apple and Adobe products. On Apple's official website, Mr. Jobs wrote an open letter noting the defects of flash and why they are not supported by the company's iPad, iPhone and iPod touch. He writes of the language's draining battery demands, limited multi-touch operations and faulty security.
The reason for my focus on Adobe today is their earnings release, scheduled for 4:00 PM EST today and Conference call scheduled for 5:00 PM EST. The company's outcome will be a good metric for the state of the software sector and a decent bar for how the remainder of competing software companies could perform in the future. In the past year, ADBE has been underperforming, gaining 15%, 5% behind the S&P. Analysts are also stating that the company's profit margins were slipping slightly, and that its customers were having trouble paying their bills, marked by a discrepancy between accounts receivable and revenue growth (Kapitall)
Currently ADBE is trading down .05 points or .15%, investors appear to be trading timidly going into the last few hours of trading before the earnings release. According to Kapitall, "The smart money seems to be running away from Adobe, with insiders and institutions selling the stock over the last 3 months: Insiders, who currently own 0.4% of the company, reduced their holdings by 26.6% over the last 3 months, while institutional investors, who currently own 84.92%, cut their holdings by 2.81%." (Source: Finviz)
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