Adobe Stock Makes Small Gains After Earnings Squeak Past Expectations
Adobe shares were modestly higher Thursday morning after the software company posted slightly better-than-expected results for its fiscal fourth quarter ended Nov. 27.
Adobe (ticker: ADBE) reported revenue of $3.42 billion, up 14% from a year earlier and ahead of the Wall Street analyst consensus forecast of $3.36 billion. Non-GAAP profit was $2.81 a share, beating the Street consensus at $2.66. Guidance had called for revenue of $3.35 billion and non-GAAP profit of $2.64 a share.
The company's digital-media segment had revenue of $2.5 billion, up 20%. Digital-experience revenue was $819 million, up 10.2%. Revenue in the publishing and advertising segment was $110 million, down 36%.
For the fiscal first quarter, the company sees revenue of $3.75 billion and non-GAAP profit of $2.78 a share, ahead of the Street consensus at $3.5 billion and $2.59 a share.
For the full year ending in November 2021, Adobe is projecting revenue of $15.15 billion, and non-GAAP profit of $11.20 a share, above the old Street consensus at $14.78 billion and $11.17 a share.
"Adobe delivered record [fourth quarter] and [fiscal-year] 2020 revenue performance amidst an unprecedented macro environment," Adobe CEO Shantanu Narayan said in a statement. "As the undisputed leader in three growing categories—creativity, digital documents and customer experience management—we are well positioned to capture the massive market opportunity ahead of us in 2021 and beyond."
Adobe, which typically issued earnings announcements after the close, this time released before the market opened ahead of a meeting with analysts Thursday morning.
Around 10 a.m. Eastern time, Adobe shares were up 0.4% to $485.62 as the Dow Jones Industrial Average slipped 0.1%.