Adobe Inc. (NASDAQ: ADBE) said its first-quarter earnings and revenues increased and topped the market’s estimates, amid stable demand for design software products.
At $3.91 billion, revenues were up 26% 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.
First-quarter profit, excluding special items, rose to $3.14 per share from $2.27 per share last year and came in above the consensus forecast. Net income was $1.26 billion or $2.61 per share, compared to $955 million or $1.96 per share in the first quarter of 2020.
Adobe’s stock entered 2021 on an upbeat note but lost momentum as the year progressed. It closed Tuesday’s regular session higher, after gaining 52% since last year.
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