Adobe Inc. (NASDAQ: ADBE) on Thursday said its fourth-quarter earnings and revenuers increased year-over-year, aided by the stable demand for design software products. The numbers also topped expectations.
At $3.42 billion, revenues were up 14% from the prior-year period and above the market’s projection. The top-line benefited from double-digit growth in the core Digital Media segment.
Fourth-quarter profit, excluding special items, rose to $2.81 per share from $2.29 per share last year and came in above the consensus forecast. Net income was $2.25 billion or $4.64 per share, compared to $852 million or $1.74 per share in the fourth quarter of 2019.
After retreating from the record highs mid-year, Adobe’s stock bounced back and is currently trading close to the peak. The stock, which gained about 46% this year, rose modestly early Thursday following the announcement.
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