Adobe Shares Climb as Graphics-Software Major Posts Q4 Profit Beat
Adobe (ADBE) shares were higher after hours Thursday after the graphics-software major reported stronger-than-expected fiscal-fourth-quarter earnings.
For the quarter ended Nov. 29 the San Jose, Calif., company earned $1.74 a share against $1.37 in the year-earlier quarter. Adjusted profit was $2.29 versus $1.83 a year earlier. Revenue rose 21% to $2.99 billion from $2.46 billion.
A survey of analysts by FactSet pegged the company to earn $2.26 a share on revenue of $2.97 billion.
“We are bullish about our opportunities and our ability to continue to deliver strong top- and bottom-line growth,” John Murphy, executive vice president and CFO, said in a statement.
For fiscal 2020, the producer of prominent programs like Creative Suite, Acrobat, Flash and Photoshop expects adjusted earnings of $9.75 a share, in line with the consensus estimate of $9.76. It estimates the year’s revenue at $13.15 billion, in line with the consensus estimate of $13.16 billion.
For the first quarter, Adobe expects non-GAAP earnings of $2.23 a share — the FactSet-derived consensus estimate — on revenue of $3.04 billion. Analysts are expecting revenue of $3.09 billion.
At last check Adobe shares were 2.3% higher. They’d closed the regular Thursday session up 0.7% at $305.96.