Adobe demonstrated the best third quarter in its history

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Adobe demonstrated the best third quarter in its history

22.09.2020 News

Shares of Adobe Systems, which rose to 76% over the past 12 months, increased by 2.8% after the announcement of a strong 3rd quarter, traditionally considered seasonally weak.

“Adobe has demonstrated the best third quarter in our history,” said Shantanu Narayen, president and CEO of Adobe. “We are confident that our leadership in digital services tools, document management and customer service will contribute to further development of the company in 2020 and beyond.”

“Usually the third quarter is seasonally weaker for us, but small businesses and educational institutions have increased demand for digital tools during the pandemic,” – said MarketWatch, CFO of the Adobe John Murphy.

Murphy noted “outstanding” sales of Creative Cloud and Document Cloud, growth in annual recurring revenue from Digital Media (ARR), Digital Experience, increase revenue from subscriptions and record operating cash flows.

Adobe announced the increase in earnings per share by 25% to $ 2.57, which is $ 0.16 better than the analyst estimate of $ 2.41. The company’s net income amounted to $ 955 million.

Total quarterly profit rose from 14% to $ 3.23 billion, which is also higher than the analytical estimate of $ 3.16 billion.

Digital Media revenue, which includes products such as Photoshop, Creative Cloud and Document Cloud, grew from 19% to $ 2.34 billion, while Creative Cloud revenue grew 19% to $ 1.96 billion and Document Cloud – by 22% to $ 375 million.

Annual recurring revenue from Digital Media (ARR) at the end of the 3rd quarter increased by 24% (compared to last year).

Digital Experience segment revenue was $ 838 million, at the same time, revenue from subscriptions to Digital Experience increased by 7% to $ 729 million.

Adobe said it bought about 1.5 million shares during the reporting quarter.

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