Adobe Gains Premarket After Topping Earnings, Revenue Estimates



© Reuters.

By Dhirendra Tripathi

Investing.com – Adobe (NASDAQ:) stock was up close to 3% in Friday’s premarket trade after the company’s second quarter results a day earlier beat expectations, reaping the benefit of a world increasingly moving towards a digital lifestyle by offering more mobile-based applications.  

It notched up crucial customer wins for its creative cloud business as well as in the document cloud segment.

For the quarter ended June 4, adjusted earnings per share was $3.03, beating analysts’ estimate of $2.81 as per an Investing.com poll.

The company achieved $3.84 billion in revenue, representing 23% year-over-year growth and topping the analysts’ estimate of $3.73 billion.

For the ongoing third quarter, Adobe has forecast its revenue to come around $3.88 billion, 24% higher from the same quarter a year ago.

Adjusted EPS on a diluted basis is seen at $3 against $2.45 in the year-ago period.

 

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