Adobe quarterly profit nosedives

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Adobe quarterly profit nosedives

Adobe Systems, maker of Photoshop and Acrobat software, reported a 65 percent fall in quarterly profit, hurt mainly by higher expenses.

Net income fell to $US65.1 million ($A62 million), or 13 cents per share, in the first quarter, from $185.2 million ($A178 million), or 37 cents per share, a year earlier.

Revenue fell 4 percent to $1 billion.

Expenses rose 16 percent to $753 million.

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