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.
Read management/analysts’ comments on Adobe’s Q1 results
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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