Adobe Climbs After Sales Jump for Growing Software Suite
- Customers are buying multiple applications from the company
- Adobe to raise prices on popular software, like Photoshop
An Adobe sign sits on display outside the company's headquarters building in San Jose, California.
Photographer: Chip Chipman/Bloomberg
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Adobe Systems Inc. reported fiscal first-quarter sales and profit that beat analysts’ estimates on strong growth from an expanding suite of digital-media software and a surge in subscriptions.
Revenue jumped 24 percent to $2.08 billion and profit, excluding some costs, reached $1.55 a share in the quarter that ended March 2, the San Jose-based company said in a statement Thursday. Analysts expected $2.05 billion in sales and earnings of $1.44 a share, according to data compiled by Bloomberg.