Adobe Rises on Durable Demand for Creative, Document Apps
- Company reports quarterly profit that tops analysts’ estimates
- Software maker had warned that pandemic would slow sales
Photographer: Brent Lewin/Bloomberg
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Adobe Inc. reported recurring revenue for creative and document applications that topped analyst estimates, signaling steady demand for Photoshop and productivity tools while users work from home.
Annualized recurring revenue for the digital media division was $9.17 billion at the end of the fiscal second quarter, the San Jose, California-based company said Thursday in a statement. Analysts, on average, estimated $9.03 billion, according to data compiled by Bloomberg.