For the quarter ended June 4, Adobe reported revenues of $3.84 billion, marking a 23% increase from a year ago. The figures came ahead of the company’s consensus of $3.72 billion. Adobe’s non-GAAP earnings-per-share were $3.03, topping the $2.81 per share expected.
Adobe’s results came in higher in every segment. The Digital Media revenue increased 25% from the previous figures, reaching $2.79 billion. For the Digital Experience segment, the company’s target of 18% growth was surpassed by a 21% growth to $938 million. Moreover, in the quarter, Adobe repurchased 2.1 million shares.
Shantanu Narayen, Adobe CEO, stated: “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.”
For fiscal Q3 2021, Adobe forecasts revenue of $3.88 billion, higher than Wall Street’s consensus of $3.83 billion. The company’s CFO, John Murphy, stated: “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.”
After the news hit the wires, Adobe stock price traded 2.5% higher at $565 apiece.
Source: barrons.com
