1:05:54 PM PDT - Monday, September 28th, 2020

Adobe Tops 3Q Estimates Spurred By Cloud-Based Software Demand  

By Editor - Wed Sep 16, 4:25 am

Adobe delivered stronger-than-expected 3Q results, thanks to the robust demand for cloud-based creative software amid the coronavirus pandemic. The software maker's 3Q adjusted earnings jumped 25% to $2.57 per share year-on-year, and topped analysts’ estimates of $2.41. Its revenues rose 14% to $3.23 billion and also came above the Street consensus of $3.16 billion. Shares rose 1.9% after-hours on Tuesday.Adobe (ADBE) said sales of the company’s flagship creative segment increased 19% to $1.96 billion, while revenues at its document cloud division grew 22% to $375 million, benefiting from the increase in remote work trends during the pandemic. Adobe’s digital media segment sales advanced 19% to $2.34 billion.The company projects 4Q sales of $3.35 billion and adjusted earnings of $2.64 per share. Adobe also expects its digital media segment revenue to increase by 18% in the fourth quarter ending in November

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Adobe Tops 3Q Estimates Spurred By Cloud-Based Software Demand

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