Adobe's 3Q Results Beat Projections Amid Pandemic -- Earnings Review
September 15 2020 - 3:44PM
Dow Jones News
By Maria Armental
Adobe Inc. reported record quarterly revenue for the quarter
ended Aug. 28, driven by higher demand during the coronavirus
pandemic. Here's what you need to know:
PROFIT: Net income rose to $955 million, or $1.97 a share, from
$793 million, or $1.61 a share, a year earlier. On an adjusted
basis, profit rose to $2.57 a share from $2.05 a share. Adobe had
projected about $1.78 a share, or about $2.40 a share as adjusted.
Analysts surveyed by FactSet expected $1.93 a share, or $2.41 a
share on an adjusted basis.
REVENUE: Total revenue rose to $3.23 billion from $2.83 billion.
Adobe had projected about $3.15 billion, and analysts expected
$3.16 billion.
OUTLOOK: This quarter, Adobe expects to make about $4.29 a
share, or $2.64 a share as adjusted, on about $3.35 billion in
revenue. Analysts expected $3.27 a share, or $2.64 a share as
adjusted, on $3.37 billion in revenue.
PANDEMIC: Company officials have said the shift to "all things
digital" was helping business and pointed to growth driven by
existing customers. On Tuesday, Chief Executive Shantanu Narayen
said in a statement that Adobe had posted the best third-quarter
results in the company's history and aid that company officials
expect the momentum to continue for the rest of the year "and
beyond."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
September 15, 2020 16:29 ET (20:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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