Photoshop maker Adobe beats revenue, profit estimates

REUTERS: Adobe Inc beat analysts' estimates for quarterly profit and revenue on Tuesday, driven by growth in its digital media business that houses its flagship product Creative Cloud.

Shares of the company, known for its image-editing software Photoshop, rose 2.7per cent in after-hours trading.Adobe is sharpening its focus on the fast-growing cloud business, a fiercely competitive market dominated by Microsoft Corp, Oracle Corp and Salesforce. The shift to a cloud-based subscription has brought a more predictable revenue stream for Adobe by selling its software through web-based subscriptions, and not through the sale of packaged-licensed software.

The company expects to report revenue of about US$2.80 billion in the third quarter, below analysts' estimates of US$2.83 billion, according to IBES data from Refinitiv. The San Jose, California-based company's revenue jumped 25per cent to US$2.74 billion in the second quarter ended May 31.Net income fell to US$632.6 million, or US$1.29 per share, in the quarter, from US$663.2 million, or US$1.33 per share, from a year earlier.Source: Reuters

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Huawei says U.S. ban hurting more than expected, to wipe $30 billion off revenueChina's Huawei Technologies Co Ltd has taken a harder-than-expected hit from a U.S. ban, the company's founder and CEO Ren Zhengfei said, and slashed revenue expectations for the year. Ren's downbeat assessment that the ban will hit revenue by $30 billion, the first time Huawei has quantified
Source: YahooSG - 🏆 3. / 71 Read more »

World electronic gaming revenues to grow 9.6per cent to US$152.1 billion in 2019: reportThe global video and electronic games market will generate US$152.1 billion in 2019, up 9.6per cent over last year as gaming morphs into content ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Europe: Stocks edge lower, Lufthansa drags after profit warning[BENGALURU] European stock markets closed marginally lower on Monday with a profit warning from Germany's Lufthansa hitting airline stocks, while markets globally awaited clues from the US Federal Reserve on its policy direction. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Top Glove Q3 profit tumbles 36.5% on higher raw material prices, strong competitionRUBBER glove manufacturer Top Glove's net profit for the third quarter to May 31 tumbled 36.5 per cent to RM74.7 million (S$24.5 million) from RM117.6 million for the year-ago period. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »