Analysts has declared that the Adobe has outperformed in quarterly profit and revenue estimates, driven by digital media growth with its flagship product, Creative Cloud.
The shares of the company, which is famous for the developing Photoshop to modify images, rose 2.7% in the post-hours period, while ADOBE is increasing its focus on fast-growing cloud business, a highly competitive market dominated by Microsoft, Oracle and Sales force. .
The company expects revenues to be about $ 2.80 billion in the third quarter, lower than analysts’ estimates of $ 2.83 billion, according to IBES data from Refinitiv.
Revenue jumped 25% to $ 2.74 billion in the second quarter ended May 31, and net income fell to $ 632.6 million, or $ 1.29 per share, from $ 663.2 million, or $ 1.33 per share, a year earlier.