Categories AlphaGraphs, Earnings, Technology

Adobe Systems beats estimates in Q1

Shares of Adobe Systems (ADBE) fell 0.8% during extended trading Thursday, despite the software solutions provider reporting stronger-than-expected earnings for the first quarter, helped by a marked increase in revenues.

Revenues of the San Jose, California-based firm climbed 25% to $2.60 billion in the first quarter, beating analysts’ estimate of $2.54 billion.

Adjusted earnings jumped 10% year-on-year to $1.71 per share, surpassing the market consensus of $1.61 per share. On a reported basis, Q1 profit was $1.36 per share, compared to $1.17 per share recorded in the first quarter of 2017.

CEO Shantanu Narayen said, “Adobe is fueling the creative economy, driving the paper-to-digital revolution and enabling businesses to transform through our leadership in customer experience management.”

READ: BLACKBERRY SETS UP NEW GOVERNMENT SOLUTIONS UNIT

For fiscal 2019, the digital publishing and analytics firm expects adjusted earnings of about $7.80 per share on revenues of approximately $11.150 billion. For the second quarter, the company expects adjusted earnings of $1.77 per share on revenue of about $2.7 billion.

Adobe shares have gained 22% in the trailing 52 weeks, compared to 2% recorded by the S&P 500 index. During the year-to-date period, ADBE shares have increased by 18%.

READ: PINDUODUO STOCK PLUNGES ON WEAK Q4 EARNINGS

Adobe has an average 12-month price target of $267, which is at a 0.7% upside from the last close.

 

Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

PG Earnings: Procter & Gamble Q3 profit climbs, beats estimates

Consumer goods behemoth The Procter & Gamble Company (NYSE: PG) announced financial results for the third quarter of 2024, reporting a double-digit growth in net profit. Sales rose modestly. Core

AXP Earnings: All you need to know about American Express’ Q1 2024 earnings results

American Express Company (NYSE: AXP) reported its first quarter 2024 earnings results today. Consolidated total revenues, net of interest expense, increased 11% year-over-year to $15.8 billion, driven mainly by higher

Netflix (NFLX) Q1 2024 profit tops expectations; adds 9.3Mln subscribers

Streaming giant Netflix, Inc. (NASDAQ: NFLX) Thursday reported a sharp increase in net profit for the first quarter of 2024. Revenues were up 15% year-over-year. Both numbers exceeded Wall Street's

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top