Shares of Adobe Systems (ADBE: sentiment, chart, options) are off more than 1.5% in after-hours trading following the company's second-quarter earnings report. After the close, ADBE said that second-quarter profit rose to $214.9 million, or 40 cents per share, from $152.5 million, or 25 cents per share, last year. Excluding items, earnings arrived at 50 cents per share, above analyst expectations for 46 cents. Revenue rose to $886.9 million, also topping expectations for $880.1 million.

For the third quarter, ADBE said it expects earnings of 45 cent to 47 cents per share on a non-GAAP basis, well above current expectations for 39 cents per share. The company also noted that third-quarter operating margins would arrive at about 38.5% on a non-GAAP basis.

Expectations were low heading into the report, as the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.83 ranks above 96% of all those taken during the past year. If ADBE holds its current decline into tomorrow's session, the shares will open below peak June call open interest of nearly 7,000 contracts at the 42.50 level. However, put support could arise at the round-number 40 level, as some 11,000 contracts reside at this strike in the June series of options.