04:26 PM EDT, 03/14/2024 (MT Newswires) -- Adobe Systems (ADBE) late Thursday reported fiscal Q1 non-GAAP net income of $4.48 per diluted share, up from $3.80 a year earlier.

Analysts polled by Capital IQ expected $4.38.

Revenue for the quarter ended March 1 was $5.18 billion, up from $4.66 billion a year earlier.

Analysts expected $5.15 billion.

For Q2, the software company is projecting non-GAAP EPS of $4.35 to $4.40 on revenue of $5.25 billion to $5.30 billion.

Analysts polled by Capital IQ are looking for $4.37 and $5.31 billion, respectively.

Separately, Adobe said it has authorized the repurchase of up to $25 billion of its shares through mid-March 2028.

Adobe shares were dropping nearly 10% in extended trading Thursday.

Price: 514.98, Change: -55.47, Percent Change: -9.72