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Brier Dudley's blog

Brier Dudley offers a critical look at technology and business issues affecting the Northwest.

March 18, 2008 at 3:11 PM

Goldman: Adobe beats street, but economy stinks …

Check out the bearish tone of Goldman Sachs’ quick take on Adobe‘s smoking earnings report today:

The report noted that Adobe beat several estimates: Its cash flow was up 48 percent, its earnings per share was 48 cents (vs. analysts’ estimated 45 cents) and it’s forecasting 13 percent annual sales growth.

“This guidance points to ongoing strength in creative suite sales, in our view, and we believe that the bottom line is helped by continued share repurchases. Despite management’s guidance, we remain cautious on the deteriorating macro environment that could likely dampen demand in future quarters.”

Yikes.

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