Tech Stocks: Adobe Systems Falls On Weak Outlook (ADBE, JBL, LPSN, JKS, CHU)
Adobe Systems Incorporated (NASDAQ:ADBE) decreased 5.72% to $31.0 on a traded volume of 4.93 million shares. The Company posted second quarter revenue of $1.124 billion, an increase of 10%. Diluted earnings per share were $0.45 on a GAAP-basis. Operating income was $305.1 million and net income was $223.9 million on a GAAP-basis. Cash flow from operations was $448.2 million.
The Company is expecting revenue of $1.075 billion to $1.125 billion for the third quarter. The Company expects third quarter diluted earnings per share to be in the range $0.38 to $0.43 on a GAAP basis.
Jabil Circuit Inc (NYSE:JBL) increased 6.33% to $20.66. The Company reported third quarter EPS of $0.64, below the analyst estimate of $0.65. Revenue for the quarter was $4.25 billion versus the consensus estimate of $4.29 billion. The Company expects fourth quarter EPS to be in the range $0.54 – $0.66 and sales of $4.1 – $4.35 billion.
LivePerson Inc (NASDAQ:LPSN) plunged 6.32% to $17.64. The Company has signed a definitive agreement to acquire mobile engagement start-up Look.io. The acquisition is expected to close in June 2012. The financial terms were not disclosed.
JinkoSolar Holding Co Ltd (NYSE:JKS) declined 5.08% to $4.30 after the Company released first quarter results. Total revenues declined 11.5% to RMB1.1 billion. Gross margin was 0.7% compared to 26.2% in the first quarter of 2011. Loss from operations was RMB306.0million compared to income from operations of RMB419.4 million in the first quarter of 2011. Net loss was RMB356.3 million compared to net income of RMB336.6 million in the first quarter of 2011. Diluted loss per share was RMB4.01 compared RMB3.45 in the first quarter of 2011.
China Unicom (Hong Kong) Limited (ADR) (NYSE:CHU) slipped 4.35% to $13.42. China Unicom Ltd has successfully tested the solutions for the remote control of the Internet of Things user data.
The Company added a net 2.726 million 3G subscribers in May, a decline of 6.6% from the 2.918 million it added in April.