Adobe's 2Q Profit, Revenue Results Beat Wall Street Expectations
June 17 2021 - 3:39PM
Dow Jones News
By Maria Armental
Adobe Inc.'s profit and revenue rose in the latest period,
driven by the digital acceleration amid the coronavirus
pandemic.
Second-quarter profit rose to $1.12 billion from $1.1 billion a
year earlier. On a per-share basis, profit rose to $2.32, or $3.03
as adjusted.
Total revenue rose to $3.84 billion from $3.13 billion a year
earlier.
Adobe had projected about $2.09 a share, or about $2.81 a share
as adjusted, and about $3.72 billion in revenue. Analysts surveyed
by FactSet had expected $2.10 a share, or $2.81 a share on an
adjusted basis, on $3.73 billion in revenue.
Remaining performance obligations, a measure of future business
that represents contracted revenue that hasn't been recognized,
reached $12.23 billion exiting the quarter, up 23% from the year
earlier.
Adobe has seen strong demand, including for PDF and e-signature
service Adobe Sign, driven by the digital growth tied to the
pandemic.
"Adobe delivered strong Digital Media annualized recurring
revenue and Digital Experience bookings, as well as record cash
flows from operations in Q2," John Murphy, executive vice president
and finance chief, said in a statement. "The large market
opportunity and momentum we are seeing across our creative,
document and customer experience management businesses position us
well to deliver another record year," he added.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
June 17, 2021 16:29 ET (20:29 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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