Adobe Systems Inc. gained as the software maker added subscribers for its cloud services.
The shares rose 1.2 percent to $81.25 at the close Friday in New York, bucking a 1.3 percent decline in the S&P 500 Information Technology Index.
Adobe has spent the past three years shifting most of its business from selling packaged software to persuading customers to sign up to use its programs on the Web. While revenue declined in 2013, the year after the transition began, they have recovered as customers got used to the new model and the company attracted new buyers.
In the third quarter, which ended in August, revenue rose 21 percent to $1.22 billion for the period that ended in August, the San Jose, California-based company said in a statement after the close of regular trading Thursday. Profit, excluding some items, was 54 cents a share. Analysts projected sales of $1.21 billion and profit of 50 cents, according to data compiled by Bloomberg.
Subscribers to Adobe’s Creative Cloud rose by 684,000 to 5.33 million. Analysts on average had predicted an increase of 640,000, said Mark Moerdler, an analyst at Sanford C. Bernstein & Co.
“If subscribers beat the street estimate, most everything else is immaterial,” Moerdler said.