Adobe beats Q3 earnings targets

Adobe released third quarter financial results after the bell on Thursday and once again the Photoshop maker broke a corporate record for quarterly revenue.

The software giant reported fiscal third quarter earnings of $666 million, or $1.34 a share. Non-GAAP earnings in the quarter were $1.73 a share on revenue of $2.29 billion, up 24 percent from the same period last year.

Wall Street was looking for earnings of $1.69 a share on revenue of $2.25 billion.

Revenue from Adobe’s Digital Media unit, which includes Creative Cloud, was $1.61 billion, bringing its annualized recurring revenue to $6.40 billion. Broken out, Creative Cloud revenue was $1.36 billion and and Document Cloud revenue was $249 million.

Adobe said revenue from its Experience Cloud brought in $614 million for the quarter, an increase of 21 percent above last year, while Digital Experience revenue was $614 million.

“As we look to Q4, we are excited about the opportunities ahead,” said Adobe CEO Shantanu Narayen, in prepared remarks. “We expect a strong close to Adobe’s 2018 fiscal year and are confident that we have the right strategy, products, people, customers and partners to sustain our growth and momentum.”

screen-shot-2018-09-13-at-4-35-11-pm.png

In terms of guidance, analysts are looking for Q4 earnings of at least $1.86 a share on revenue of $2.41 billion. Adobe responded with a fourth quarter EPS target of $1.87 a share on revenue of $2.42 billion.

Adobe’s shares remained steady after hours.

Source Article from https://www.zdnet.com/article/adobe-beats-q3-earnings-targets/#ftag=RSSbaffb68
Adobe beats Q3 earnings targets
https://www.zdnet.com/article/adobe-beats-q3-earnings-targets/#ftag=RSSbaffb68
http://www.zdnet.com/blog/rss.xml
Latest blogs for ZDNet
Latest blogs for ZDNet
https://zdnet3.cbsistatic.com/fly/bundles/zdnetcore/images/logos/zdnet-144×144.png

Article written by

great guy, love the news

Please comment with your real name using good manners.

Leave a Reply

You must be logged in to post a comment.