Adobe Inc. shares rose 3% in after-hours trading on Tuesday after the software company reported record third-quarter results that bested Wall Street estimates.
5 THINGS TO KNOW ABOUT ADOBE
On Tuesday, CEO Shantanu Narayen said in a statement that company officials expect the momentum to continue for the rest of the year “and beyond.”
|ADBE||ADOBE INC.||497.67||+11.76||+ 2.42%|
Adobe reported a net income of $ 955 million or adjusted earnings of $ 2.57 per share. Shares compared to a net income of $ 793 million or $ 1.63 a share in the quarter last year. Revenue rose 14% to a record $ 3.23 billion from $ 2.8 billion a year ago. The guidance for the fourth quarter was also above estimates.
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Analysts surveyed by FactSet had expected adjusted earnings of $ 2.41 per share. Share at a turnover of $ 3.16 billion. Adobe shares have risen 51% this year as it continues to feel the effects of the pandemic. The broader S&P 500 index has improved by 5.3% by 2020.
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