08:39 AM EDT, 03/15/2024 (MT Newswires) -- (Updates headline and last paragraph with latest share price movement.)

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 down more than 11% in recent Friday premarket activity.

Price: 505.95, Change: -64.5, Percent Change: -11.31