Design software maker Adobe Inc. (NASDAQ: ADBE) reported stronger-than-expected revenues and profit for the third quarter of 2020, leveraging the general increase in demand for information technology solutions during the pandemic days.
Revenues climbed 14% year-over-year to $3.23 billion during the three-month period, aided by double-digit growth in the core Digital Media segment. The top-line also exceeded the estimates.
Consequently, earnings, adjusted for one-off items, moved up to $2.57 per share from $2.05 per share and came in above the consensus forecast. Net income was $955 million or $1.97 per share, compared to $793 million or $1.61 per share in the third quarter of 2019.
Adobe’s stock traded higher on Tuesday and closed the session up 2%. It maintained the uptrend in the after-hours, following the earnings announcement.
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