Shares of Adobe Inc. rose 3% in trading hours after Tuesday after the software company reported record third-quarter results that exceeded Wall Street forecasts.
5 THINGS TO KNOW ABOUT ADOBE
On Tuesday, CEO Shantanu Naraen said in a statement that the company’s employees expect momentum to continue for the rest of the year “and beyond”
|ADBE||ADOBE INC.||497,67||+11.76||+ 2.42%|
Adobe reported a net profit of $ 955 million or adjusted earnings of $ 2.57 per share, compared to a net profit of $ 793 million, or $ 1.63 per share, in the quarter a year ago. Revenue rose 14 percent to a record $ 3.23 billion from $ 2.8 billion a year ago. The guidelines for the fourth quarter were also above forecasts.
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Analysts polled by FactSet expected an adjusted profit of $ 2.41 per share on revenue of $ 3.16 billion. Shares of Adobe rose 51% this year as it continues to feel the effects of the pandemic. The broader S&P 500 index improved by 5.3% in 2020.
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