Adobe Inc. (NASDAQ: ADBE) reported a 74% jump in earnings for the second quarter of 2020 driven by higher revenue. This came in the midst of the COVID-19 pandemic crisis.
Adobe announced that given the macroeconomic environment, it significantly accelerated in Q2 its previously stated strategy of eliminating low-margin Advertising Cloud transaction-driven offerings. The company will continue to offer its Advertising Cloud software solutions. The macroeconomic environment and this strategic shift impacted Advertising Cloud targeted revenue in Q2 by about $50 million.
Looking ahead into the third quarter, the company expects total revenue of about $3.15 billion, GAAP EPS of about $1.78, and non-GAAP EPS of about $2.40. Digital Media segment revenue is predicted to grow about 16% year-over-year while Digital Experience segment revenue is projected to remain flat year-over-year.
The outlook is factoring current macroeconomic conditions, continued impacts of the pandemic, typical Q3 summer seasonality, and its updated strategy for Advertising Cloud. In light of the macroeconomic environment and the strategic shifts for Advertising Cloud, Adobe is withdrawing the annual fiscal 2020 targets provided in December 2019.
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The COVID-19 pandemic raged through the first half of this year and continues to impact the world without signs of abating. Amid this health crisis, several companies reported strong results