Adobe Systems Inc topped analysts’ profit and revenue estimates for the eighth straight quarter driven by strength in its digital media business, which houses its flagship product Creative Cloud. Revenue from Adobe’s digital media business that includes Creative Cloud jumped to $1.55 billion.
The company’s net income rose to $663.2 million, or $1.33 per share, in the second quarter ended June 1, from $374.4 million, or 75 cents per share, a year earlier.
Revenue rose to $2.20 billion from $1.77 billion, beating analysts’ estimate of $2.16 billion. The company has been posting a rise in revenue for at least the past eight quarters.
Excluding certain items, Adobe earned $1.66 per share, beating analysts’ estimate of $1.54 per share.
Shares of the company, known for its image-editing software Photoshop, fell 3 percent to $250 in after-hours trading on Thursday.
The stock has gained over 47 percent so far this year, outperforming the 35 percent rise in the broader S&P 500 Application Software sub index. – Financial Express