Adobe Sales, Profit Miss Estimates as Subscriptions Grow
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Adobe Systems Inc. shares rose after the largest maker of graphic-design tools said it amassed more than 1 million customers for its online services amid a shift away from software installed on personal computers.
A 47 percent jump in the number of Web subscribers, which exceeded some analysts’ estimates, coincided with a drop in sales and profit. Revenue for the period through August declined 7.9 percent to $995.1 million, the company said in a statement today, missing the $1.01 billion average of analysts’ projections compiled by Bloomberg.