Adobe Systems (NASDAQ:ADBE) stock was down following the company’s Q1 earnings report for fiscal 2015.
The Adobe earnings report listed revenue for Q1 2015 as $1.11 million. This is up from the $1 million that was reported during the same quarter last year. It was also on the high end of the company’s target range.
A breakdown of the Adobe earnings report shows that the company saw $731,442 of its revenue come from its subscription services. This is an increase over last year’s $423,563. However, revenue from products was down from $471,454 in Q1 2014 to $290,774 in Q1 2015. Services and support revenue was down slightly.
Analysts were expecting the Adobe earnings report to include 573,000 new subscribers for its subscription service. However, the company only reported 517,000 new subscriptions, reports Silicon Valley Business Journal.
The Adobe earnings report also listed net income at $84,888, or 17 cents per share. This is up from the $47,046, or 9 cents a share, that was reported during the same time last year.
ADBE shares were down 4% as of Wednesday afternoon.
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