By Yasin Ebrahim
Investing.com – Adobe (NASDAQ:) reported Thursday fiscal second-quarter that beat analysts’ forecasts as strong software demand bolstered cash flows to record.
Adobe shares gained 1.31% in after-hours trade following the report.
Adobe announced earnings per share of $3.03 on revenue of $3.84 billion. Analysts polled by Investing.com anticipated EPS of $2.81 on revenue of $3.73 billion.
The digital media business, which makes up the bulk of growth, saw revenue rise 25%, to $2.79 billion. Creative revenue grew 24%, to $2.32 billion, while document cloud revenue was $469 million, up 30% on the prior-year period.
Digital media annualized recurring revenue increased by increased $518 million quarter-over-quarter to $11.21 billion.
Cash flows from operations were a record $1.99 billion.
The company guided third-quarter revenue of $3.88 billion, above consensus estimates of $3.83 billion. The digital media segment is expected to grow revenue 22% year-on-year.
“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,” the company said.
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