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 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.