Adobe Stock Is Rising. Earnings Beat Expectations in Every Way. | ADBE Message Board Posts


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Msg  24 of 30  at  6/18/2021 8:11:02 PM  by

jerrykrause


Adobe Stock Is Rising. Earnings Beat Expectations in Every Way.

 

Adobe Stock Is Rising. Earnings Beat Expectations in Every Way.

 
 

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

For the quarter, Adobe (ticker: ADBE) reported revenue of $3.84 billion, up 23% from a year ago, and ahead of the company's forecast of $3.72 billion. Non-GAAP profits were $3.03 a share, ahead of the company's projection of $2.81 a share. Under generally accepted accounting principles, Adobe earned $2.32 a share.

Adobe stock in premarket trading rallied 2.7%, to $566.

Adobe's results were above expectations in every segment. Digital Media revenue was $2.79 billion, up 25%, and four points better than the company's guidance. That includes creative revenue of $2.32 billion, up 24%, and document cloud revenue of $496 million, up 30%.

Digital Experience segment revenue was $938 million, up 21%, and three points better than the company's target for 18% growth.

The company also said it bought back about 2.1 million shares in the quarter.

For the fiscal third quarter, Adobe sees revenue of $3.88 billion, slightly higher than the Street consensus forecast of $3.83 billion, with non-GAAP profits of $3 a share, above the Street consensus estimate for $2.89 a share. The company sees growth in the quarter of 21% in the digital experience segment, and 25% in digital experience.

"Adobe had an outstanding second quarter as Creative Cloud, Document Cloud and Experience Cloud continue to transform work, learn and play in a digital-first world," Adobe CEO Shantanu Narayen said in a statement.

Chief Financial Officer John Murphy added in a statement that "the large market opportunity and momentum we are seeing across our creative, document and customer experience management businesses position us well to deliver another record year."

 


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