While not necessarily expecting the economy to sour, customers have reverted to expressing a more cautious outlook, he said.

The Federal Reserve retained its cautious outlook for the economy today, leaving short-term interest rates unchanged at 1 percent.

But while praising the company's improved management and new products, analysts generally retained a cautious outlook on Adobe's stock.

Some analysts said that the better-than-expected results reflected the cautious outlook of most observers going into the first quarter.

But initial euphoria fueled by resurgent stock markets has given way to a more cautious outlook.

But the company's executives delivered a cautious outlook for technology spending in the corporate market for computer hardware, software and services.

But the good news was accompanied with a cautious outlook for this year.

She said: "Profit warnings proliferate our cautious outlook on European retail.

"But we maintain our cautious outlook in the short term about the level of demand in our U.S. market."

Steve Ingham, chief executive, said he had a cautious outlook for the year ahead.