Adobe Stock is on the rise. The gains exceed expectations in every way.

Text size

The Adobe logo is displayed on the side of the Adobe Systems headquarters

Justin Sullivan / Getty Images

Adobe

the stock traded higher on Friday morning after the creative software company released better than expected results for its second fiscal quarter ended June 4 Thursday.

For the quarter, Adobe (ticker: ADBE) reported revenue of $ 3.84 billion, up 23% from a year ago, and higher than the company’s forecast of 3. $ 72 billion. Non-GAAP earnings were $ 3.03 per share, ahead of the company’s projection of $ 2.81 per share. According to generally accepted accounting principles, Adobe earned $ 2.32 per share.

Adobe stock in pre-market exchanges rose 2.7% to $ 566.

Adobe’s results exceeded expectations in all segments. Digital media revenue was $ 2.79 billion, up 25%, and four points better than the company’s forecast. This includes creative revenue of $ 2.32 billion, up 24%, and cloud revenue of $ 496 million, up 30%.

Revenue for the Digital Experience segment was $ 938 million, up 21% and three points above the company’s 18% growth target.

The company also said it repurchased around 2.1 million shares during the quarter.

For the fiscal third quarter, Adobe expects revenue of $ 3.88 billion, slightly above Street’s consensus forecast of $ 3.83 billion, with non-GAAP earnings of $ 3 per share, above Street’s consensus estimate of $ 2.89 per share. The company saw growth in the quarter of 21% in the digital experience segment and 25% in the digital experience.

“Adobe has had an exceptional second quarter as Creative Cloud, Document Cloud and Experience Cloud continue to transform work, learning and play in a digitally-driven world,” said Shantanu Narayen, CEO of Adobe, in a statement.

CFO John Murphy added in a statement that “the significant market opportunity and momentum that we are seeing in our creative, document and customer experience management activities position us well to achieve a another record year “.

Write to Eric J. Savitz at [email protected]


Source link

About Aldrich Stanley

Aldrich Stanley

Check Also

PARAMOUNT GOLD NEVADA: Discussion and analysis by management of the financial position and operating results. (form 10-K)

Overview We are a company engaged in the business of acquiring, exploring and developing precious …