Adobe CEO: Coronavirus caused companies to acclimate to digital platforms
Adobe Inc. CEO Shantanu Narayen says focusing on employees working productively at home during the coronavirus pandemic has encouraged people to invest in software companies.
Adobe Inc. shares were up 3% in after-hours trading Tuesday after the software company reported record third-quarter results that bested Wall Street estimates.
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On Tuesday, Chief Executive Shantanu Narayen said in a statement that company officials expect the momentum to continue for the rest of the year "and beyond." As a result of the success, the computer software giant said it would ramp up hiring in the fourth quarter of this year.
Adobe reported net income of $955 million, or adjusted earnings of $2.57 per share, compared with net income of $793 million, or $1.63 a share, in the year-ago quarter. Revenue rose 14% to a record $3.23 billion from $2.8 billion a year ago. Fourth-quarter guidance was also above estimates.
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Analysts surveyed by FactSet had expected adjusted earnings of $2.41 a share on revenue of $3.16 billion. Adobe shares are up 51% this year as it continues to feel the effects of the pandemic. The broader S&P 500 index has improved 5.3% in 2020.
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