Late Thursday, Adobe said net income for the fourth quarter, which ended Dec. 2, was $173.9 million, or 35 cents per share. That was down a third from a year ago. But earnings excluding items, at 67 cents, beat the average forecast of analysts polled by FactSet by 7 cents.

Revenue rose 14 percent to $1.15 billion, beating the $1.09 billion that analysts expected.

Analyst Walter Pritchard at Citigroup said the quarter was a "blow-out when most expected weakness." It doesn't settle the debate over whether Adobe Systems Inc. will be able to navigate change in the software world, he said, but the shares are cheap compared to earnings. He raised his price target to $36 from $35.

The stock recouped two days of losses, rising 94 cents, or 3.6 percent, to $27.40.