My notes on the latest Adobe (ADBE) results and conference can be found here:
Adobe Fiscal Q2 2013 Analyst Conference Notes
It is still hard to tell at this point how the shift to selling Adobe prodocts as subscriptions rather than in iterations (CS6 following CS5, etc.) by download or disks will work out. Revenues are not climbing, and profits are down, but this was expected even if the shift to subscriptions is successful. Management sounds confident, and seem to be executing to plan. No money down, pay later plans are the American dream, so it will likely work out but for investors it is a waiting game.