This post was written by Minyanville contributor Fil Zucchi.
You can spin last night Adobe Systems Inc. (NASDAQ: ADBE) report any way you want. My take is that it was somewhere between decent and "not as bad as feared". My reasons for being long are intact, and they're the monster free cash flow and a near monopoly position in its field, amongst others.
The one thing that does bother me is that most models now show a decrease of about 10% in research and development spending for this year and only a very modest increase next year. For a company like Adobe, R&D is their business and to watch them cut down on it to make bottom line numbers does not give me the warm and fuzzies.
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