12:08
Traffic jam:   4
$
92.5919
100.2704

Adobe shares rose on successful report and forecasts

19 June 2021
3437
1 min.
1
Adobe shares rose on successful report and forecasts

Adobe's shares rise

Adobe shares rose 2.5% in after-hours trading after the cloud software maker reported revenue growth of 23% and gave an outlook for the coming quarter above analysts' average expectations.

After the close of trading on Thursday, Adobe Systems Inc. (ADBE) reported another successful quarter to its investors.

Adobe shares were up 2.5% at non-trading time, suggesting a new price high to open trading.

Adobe shares are up 10.25% since the start of the year, compared with a 33.34% increase in the past 12 months.

Recent upgrades in analysts' valuations of Adobe stock include target prices of $600-$650 per share, representing upside of 8.8% to 17.9% from Thursday's closing price of $551.36. Adobe report

Adobe's second quarter of fiscal 2021, ended June 4, beat Wall Street forecasts, with revenues up in each of the company's divisions.

Earnings per share rose 24% (year-on-year) to $3.03, above analysts' forecast of $2.81.

Total revenue rose 23% to $3.84bn, also above Wall Street's average expectation of $3.73bn.

Revenues from Digital Media, Creative Cloud and DocumentCloud software products were up 25%, 24% and 30% year-on-year, respectively. Adobe also said it achieved record operating cash flow of $1.99 billion, indicating sales growth.

Adobe repurchased about 2.1 million of its shares during the past quarter.

Adobe's outlook

Adobe expects total revenues of $3.88 billion for its fiscal third quarter, slightly above the Wall Street forecast of $3.83 billion.

The earnings forecast is $3 per share, which is also above analyst expectations of $2.89.

Companies1 in the news

Adobe
1 place
Section:

Discussion

Rating companies
Tesla
14 Mention
Instagram
13 Mention
JP Morgan Chase
12 Mention
Walt Disney Company
12 Mention
Ford Motor Company
10 Mention
Netflix
10 Mention
Amazon
9 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8112611398
Died this year
14238904
Born this year
35030224