Adobe Notches Beat Again With Sales Outlook on Cloud Demand
- Fiscal second-quarter revenue rises to a record $1.77 billion
- Shares, which reached a record in early June, gain on report
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Adobe Systems Inc. racked up another quarterly report that beat analysts’ estimates for sales and profit, proving again that a bet on switching to a cloud-based subscription model for its digital media and marketing software is paying off.
The San Jose, California-based company also forecast revenue in the current quarter that topped the average analyst estimate. Adobe demonstrated strength across the company with growth for its traditional products and newer areas as well.