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.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard