Adobe Third-Quarter Sales Miss Estimates Amid Cloud Shift
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Adobe Systems Inc. reported fiscal third-quarter revenue that missed some analysts’ estimates, reflecting the software maker’s push to move customers to cloud-based versions of its design and marketing programs.
Sales in the period ended Aug. 29 were $1.01 billion, and profit before certain items was 28 cents a share, Adobe said yesterday in a statement. Analysts on average estimated revenue of $1.02 billion and profit of 26 cents. Creative Cloud Web software gained 502,000 customers, less than the average projection of three analysts for 503,000 additions, according to data compiled by Bloomberg.