UPDATE: Adobe shares rise 3% on revenue, earnings beat
Adobe Inc. (ADBE) shares were up 3% in after-hours trading Tuesday after the software company reported (https://www.adobe.com/content/dam/cc/en/investor-relations/pdfs/51900202/af4Y82cYhosb2m.pdf) fiscal third-quarter results that bested Wall Street estimates. Adobe reported net income of $955 million, or adjusted earnings of $2.57 per share, compared with net income of $793 million, or $1.63 a share, in the year-ago quarter. Revenue rose 14% to a record $3.23 billion from $2.8 billion a year ago. Fourth-quarter guidance was also above estimates. "Normally, Q3 is a seasonally slow quarter for us, but small businesses and education fully embraced digital tools during the pandemic," Adobe Chief Financial Officer John Murphy told MarketWatch in a phone interview after the results were announced. "This is a long-running trend." Analysts surveyed by FactSet had expected adjusted earnings of $2.41 a share on revenue of $3.16 billion. Adobe shares are up 51% this year as it continues to feel the effects of the pandemic. The broader S&P 500 index has improved 5.3% in 2020.
-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 15, 2020 18:12 ET (22:12 GMT)
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